The Chatter: Frameworks & Forecasts
Edition #45
Welcome to the 45th edition of The Chatter — a weekly newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
We’re always eager to improve—please share your ideas on how else we can innovate “The Chatter” format to better serve your needs.
In this edition, we have covered 15 companies across 8 industries.
Energy
Tata Power
NTPC
Financial Services
Bajaj Finance
SBI Cards
Engineering & Capital Goods
Cummins India
PG Electroplast
RR Kabel Ltd
Finolex Industries Ltd
Logistics
Delhivery
Container Corporation of India
Metals
National Aluminium (NALCO)
SAIL
Auto Ancillary
Studds Accessories Limited
Healthcare
MedPlus Health Services Limited
Services
Antony Waste Handling Cell Limited
Energy
Tata Power | Large Cap | Energy
Tata Power Company is India’s largest vertically integrated power company, operating in renewable, thermal, and hydro energy generation, transmission, trading, distribution, and next-gen energy solutions. It focuses on expanding capacity, modernizing grids, and leading in rooftop solar, energy storage, and emerging technologies for a sustainable future.
Tata Power anticipates a significant rebound in power demand due to warmer summer expectations, potentially boosting revenue and plant utilization.
“But I think when we look at both the demand increase in December and January, it looks like we will have a rebound in this year, especially with summer expected to be a little warmer than last year. We do expect that peak demand will be in the 270-280 GW range and we can expect a very large increase in the demand of power in the coming months.”
— Dr. Praveer Sinha, CEO & Managing Director
The company has made substantial capacity additions, particularly in renewables, signaling continued growth and commitment to green energy.
“While our overall capacity has reached 514 GW of installed capacity, nearly 45 GW was added in this fiscal, out of which 38 GW is renewable capacity. So huge capacity additions have happened and we do expect that going forward this momentum will be continued.”
— Dr. Praveer Sinha, CEO & Managing Director
New businesses like solar cell and module manufacturing are significantly contributing to profitability, indicating successful diversification and growth.
“This quarter, what we have seen is many of our new businesses have come of age. Whether we look at our solar cell and module manufacturing where there has been a huge increase in our plant profit after tax, which has gone up to nearly 251 crores in the quarter compared to 112 crores last year.”
— Dr. Praveer Sinha, CEO & Managing Director
The rooftop solar business has shown exceptional growth, exceeding 1 GW in 9 months and significantly increasing PAT, highlighting its strong market penetration.
“Similarly, our rooftop business has done exceedingly well. We crossed 1 GW in the 9-month period and in Q3 we executed 372 MW compared to 173 MW in the previous year. The rooftop PAT has increased in the quarter to 111 crores compared to 60 crores last year...”
— Dr. Praveer Sinha, CEO & Managing Director
Tata Power is close to resolving the Mundra PPA issues with Gujarat and expects to resume plant operations by the end of the month, which would reduce financial losses.
“Last quarter we had a huge challenge because Mundra was not operating. We have been able to now conclude the arrangement with Gujarat on all the issues on the Supplementary PPA (SPPA) except one point. We hope that in the next 2-3 weeks we will be able to close that and on a similar basis we will parallelly start discussing with the other states so that we are in a position to start operation of the plant maybe by the end of this month.”
— Dr. Praveer Sinha, CEO & Managing Director
Upcoming Electricity Act amendments are expected to open up significant new opportunities for Tata Power in parallel licensing within the distribution business.
“On our distribution business, we expect that some changes will happen by way of the Electricity Act amendment and we are expecting that once the Electricity Act amendment is put in the parliament for approval in this budget session, we will get many more opportunities on parallel licensing in the country.”
— Dr. Praveer Sinha, CEO & Managing Director
Tata Power is actively engaging with the government to explore opportunities in nuclear power, particularly small modular reactors, with project initiation expected within 24 months.
“We also expect that many of the new initiatives of the government, including nuclear power, will bring more clarity in terms of technology transfer, sourcing of fuel, and the opportunity that will come up to set up these nuclear plants, especially the small modular nuclear plants. We are in continuous discussion with the government Department of Atomic Energy and NPCIL as also with NITI Aayog so that these are put in practice quickly and some of the projects can start work in the next 24 months.”
— Dr. Praveer Sinha, CEO & Managing Director
The rooftop solar business has “phenomenal” growth potential, driven by government programs and increasing demand from C&I and residential customers, suggesting long-term expansion.
“This is just the tip of the iceberg. The opportunity is phenomenal. Under the Prime Minister Surya Ghar program, 10 million houses were targeted, and only 2.5 million have been done. Another 5 million were added in this budget. We are seeing major interest from C&I; customers and residential customers wanting larger capacities. This business is futuristic and will continue to improve.”
— Dr. Praveer Sinha, CEO & Managing Director
Delays in renewable project awards are primarily due to transmission connectivity issues, but existing projects and planned transmission lines will sustain growth momentum for the next two years.
“Projects are getting delayed primarily due to connectivity issues. Until new evacuation lines are set up, the pace will be slower. We need to see how quickly new transmission lines are awarded so the project pipeline can be developed. However, there are enough projects and transmission lines under implementation to maintain momentum for the next 2 years.”
— Dr. Praveer Sinha, CEO & Managing Director
The CEO highlights the undervalued potential of Tata Power’s distribution business, particularly in light of future opportunities and their unique expertise, urging analysts to give it more weight than competitive, margin-challenged renewable sectors.
“During the last hour, we heard many questions on renewables but very few on distribution. We have shown the phenomenal improvement in Maithon and other areas. There are not many players in the country with this sort of skill set and experience. Considering the large distribution opportunities coming in the future, I believe suitable justice should be done to the distribution business in your analysis. We should not just get carried away by areas where there are many players and margins are challenged.”
— Dr. Praveer Sinha, CEO & Managing Director
NTPC | Large Cap | Energy
NTPC, India’s largest integrated power company, focuses on delivering reliable, affordable, and sustainable electricity to the nation through thermal, hydro, solar, and wind power plants. Committed to best practices and clean energy, NTPC also explores new ventures like e-mobility, battery storage, waste-to-energy, green hydrogen solutions, and power distribution.
India’s power demand is showing an increasing trend, with peak demand reaching 245 GW in January 2026, signaling strong economic growth.
“Power demand has begun to show an increasing trend, supported by improving economic indicators, which is reflected in the growth numbers. Peak demand touched 245 GW on 9th January 2026.”
— Jaikumar Srinivasan, Director (Finance)
NTPC successfully reduced its weighted average interest rate on borrowings to 6.05% in 9M FY26 through proactive refinancing and strategic loan portfolio restructuring.
“The weighted average interest rate on borrowings during the 9M FY ‘26 stood at 6.05% compared to 6.64% in 9 MFY ‘25, reflecting the benefits of proactive refinancing and strategic restructuring of the company’s loan portfolio.”
— Jaikumar Srinivasan, Director (Finance)
New CERC regulations allowing Battery Energy Storage Systems (BESS) at thermal plants create an opportunity for NTPC to invest in energy storage under a cost-plus framework, enhancing peak demand support.
“CERC has issued draft regulation allowing the installation of battery energy storage system at thermal generation stations. This is a positive development as it enables coal-based plants to remain online and support peak demand by supplying additional power through BESS during peak hours. The framework will help DISCOMs in managing peak requirement and provide NTPC with an opportunity to invest in energy storage under cost-plus framework.”
— Jaikumar Srinivasan, Director (Finance)
Improved profitability of DISCOMs in FY25 significantly enhances payment security for generators like NTPC and supports sustainable sector growth.
“A key positive indicator is that the distribution companies reported an overall profit of over INR2,700 crores in FY ‘25 compared to a loss of INR25,553 crores in FY ‘24, driven by lower AT&C losses and improved payment discipline. This strengthens payment security for generators and support sustainable sector growth.”
— Jaikumar Srinivasan, Director (Finance)
The new SHANTI Nuclear Act provides a clear strategic pathway for NTPC to significantly scale its nuclear capacity and diversify its generation portfolio.
“The government has recently legislated Sustainable Harnessing and Advancement of Nuclear energy for Transforming India, SHANTI Nuclear Act, which positions nuclear power as a key pillar of India’s long-term baseload energy strategy... For NTPC, the SHANTI Act provides a clear pathway to scale nuclear capacity as part of our diversified generation portfolio.”
— Jaikumar Srinivasan, Director (Finance)
NTPC is in the final evaluation stages for a tender to develop 5,000 MWh of Battery Energy Storage System (BESS) capacity across 16 power stations, with commissioning targeted within 18 months.
“In addition, as highlighted in the previous con call, we are in the final stage of evaluation of a tender for 5,000 MWh of BESS capacity at 16 NTPC power stations under Section 62 with commissioning expected within 18 months.”
— Jaikumar Srinivasan, Director (Finance)
NTPC has a substantial 33 GW of capacity under construction, including significant portions of coal, hydro, and renewable energy, ensuring strong near-to-medium-term growth.
“We have over 33 GW of capacity under construction comprising 16.5 GW of coal-based capacity, about 1.9 GW of hydro and around 15 GW of renewable energy, and this is providing a solid foundation for near- to medium-term growth.”
— Jaikumar Srinivasan, Director (Finance)
Financial Services
Bajaj Finance | Large Cap | Financial Services
Bajaj Finance is a financial services company specializing in lending, partnerships, payments, and deposits. With a diverse portfolio catering to retail, SMEs, and commercial clients in urban and rural India, the company also offers various financial products. Transitioning into a customer-centric, digital-first entity, Bajaj Finance focuses on providing services across physical, mobile, and web platforms, primarily driven by its payments platform.
The company’s underlying performance is strong when adjusted for specific one-time charges and accelerated provisions in the quarter.
“Overall, from a commentary standpoint, the core performance of the company, eliminating one-time charges of the new labor code and the accelerated ECL provision that we have taken in Q3, remains pretty strong.”
— Rajiv Jain, Vice Chairman and Managing Director
Bajaj Finance achieved record loan bookings and significant customer additions in Q3, projecting 17-18 million new customers for FY26, indicating strong volume growth.
“We booked a record 14 million loans in Q3 versus 10 million loans last year. We added 4.76 million customers, virtually adding between 4.2 to 4.5 million new customers every quarter. We now expect 17 to 18 million customers to be added to the franchise in FY26.”
— Rajiv Jain, Vice Chairman and Managing Director
The decision to increase provisioning now is a proactive measure to shock-proof the balance sheet and P&L amidst a volatile external environment and observed credit quality behaviors.
“The recent times have been extremely volatile in the external environment and credit quality behavior for various players. We want to ensure the balance sheet and P&L; are shock-proof. There is never a perfect answer for “why now,” but given the volatile macroeconomic environment we were living in, it was important to protect ourselves.”
— Sandeep Jain, CEO and CFO
While consumer leverage is a concern, recent bureau data shows a flat trend line year-over-year for eight months, which the company monitors closely.
“Consumer leverage remains a red flag. The trend line according to bureau data is currently flat on a year-over-year basis for the first eight months, which is a good sign, but it remains an area we watch closely.”
— Sandeep Jain, CEO and CFO
The company is undergoing a fundamental strategic shift towards a customer-centric model, aiming to increase cross-selling to existing clients and grow its customer base to 200 million by FY30.
“The big shift is our customer-centric strategy. We are moving from a 60-40 hunting-farming split to a 40-60 split in the next 3 to 4 years. With 100 million customers, it is easier to cross-sell to existing clients. We expect to be doing 100 million loans a year by FY30 and have a 200 million customer franchise. This is a fundamental shift in how we run the business.”
— Rajiv Jain, Vice Chairman and Managing Director
SBI Cards | Mid Cap | Financial Services
SBI Card and Payment Services is a leading provider of credit cards in India, offering consumers a variety of payment products and services. The company focuses on expanding its core cards portfolio, particularly in premium segments, and enhancing digital onboarding for a seamless customer experience.
The company achieved its highest-ever quarterly spend of INR1,14,702 Crore, representing robust 33% year-over-year growth.
“Spends during the quarter reached the highest ever level of INR1,14,702 Crore, with a strong 33% growth YoY.”
— Salila Pande, Managing Director and Chief Executive Officer
The company aims for 50-55% Banca contribution to new acquisitions and is strategically expanding open market sourcing through major digital co-brand partnerships with IndiGo, Flipkart, PhonePe, and Tata Neu.
“Ideally, we would want our Banca contribution to be around 50% to 55% and the balance coming from the open market. As you have seen, we have -- in the last quarter, we have tied up with three large players. So we have a co-brand with IndiGo. We have done a co-brand with Flipkart and we have a co-brand with PhonePe and Tata Neu. So these are large digital co-brands.”
— Girish Budhiraja, Chief Sales and Marketing Officer
Management expects asset growth to continue lagging behind spend growth for at least the upcoming fiscal year.
“Asset growth will lag spends growth in next year, at least for next year.”
— Girish Budhiraja, Chief Sales and Marketing Officer
All reported credit costs and write-offs are solely attributable to the retail loan portfolio, as the corporate portfolio currently has no delinquencies.
“So, we don’t have any delinquency in our corporate portfolio. This -- whatever credit cost is reflected in terms of the write-offs related to all retail loan only, in the past as well as of the current quarter.”
— Salila Pande, Managing Director and Chief Executive Officer
The CFO expects net interest margins to shrink in the near to medium term, particularly towards the second half of the year, influenced by yield trends and stable/potentially rising cost of funds.
“But on a near to medium term, I would say the margin will shrink towards the second half of the year.”
— Rashmi Mohanty, Chief Financial Officer
Engineering & Capital Goods
Cummins India | Large Cap | Engineering & Capital Goods
Cummins India operates through four business units: Engine, Power Systems, Components, and Distribution. It manufactures, trades, and sells engines for commercial vehicles and industrial equipment, ranging from 60 HP. The company also provides generator sets and related technologies for various on-highway and off-highway applications.
The company targets double-digit domestic growth for FY27, driven by a strong Indian economy and positive infrastructure budget, but remains cautious on exports due to geopolitical and tariff uncertainties.
“Given that the Indian economy is doing well...For the domestic growth, I can say that for FY27, we will target double-digit growth. Exports is another matter altogether...So exports are difficult to say; domestically, we are more positive and can definitely say that we will target double-digit growth.”
— Company Management, Spokesperson
The data center market in India shows strong growth potential for the next 3-4 years, supported by significant market movement, with recent tax incentives yet to fully impact the pipeline.
“The data center pipeline is building out very well. As you rightly said, the tax incentives have been announced recently, and we are yet to see the impact of that. Nevertheless, there is a lot of movement in the data center market in India. For the next 3 to 4 years, we do anticipate positive movement in the data center segment in India.”
— Company Management, Spokesperson
The data center inquiry pipeline shows increased activity and new announcements from hyperscalers compared to the fiscal start, while inquiries from colocation players have remained consistently strong.
“If I were to compare now versus the start of the fiscal, there are some more new announcements coming in from the hyperscalers. There is more activity on that end. On the colocation players, it has been steady. There were good inquiries at the start of the fiscal, and that continues throughout the fiscal.”
— Company Management, Spokesperson
Diesel power backup remains the primary reliable solution for now, while R&D explores integrating Battery Energy Storage Systems (BESS) into the future backup power mix, without displacing diesel gensets.
“From a product life cycle perspective, our belief is that diesel power backup is one of the most reliable backup solutions available for our customers and the applications they operate. That remains a primary backup possibility for the time being. We spend R&D; effort evaluating whether Battery Energy Storage Systems (BESS) could be included in the backup power mix, but for now, we see the backup power space continuing to be served by diesel.”
— Company Management, Spokesperson
Weakness in the industrial business for Q3 is attributed to a slowdown in road construction and delayed monsoons impacting excavator sales, with other segments being tender-driven.
“In the industrial business, construction activity is largely down. Construction in Q3 was slow for two reasons: road construction is not at the pace it was a year ago, and there were delayed monsoons in October, so excavator sales did not pick up. That is the largest contributor. Everything else is more tender-driven and changes quarter to quarter.”
— Company Management, Spokesperson
BESS sales are currently slow as customers are evaluating the integration of BESS into their energy solutions, considering capex and comparing it to existing purchases.
“Sales are still very slow because customers are evaluating how BESS fits into their overall energy solution, whether they are residential, banking, or manufacturing customers. Customers are evaluating the capex and comparing it to what they have been buying.”
— Company Management, Spokesperson
Competitive intensity persists with aggressive pricing and positioning from competitors, particularly in the power generation sector.
“Competitive intensity remains the same. Competitors are extremely aggressive on pricing and positioning, especially in the power generation space.”
— Company Management, Spokesperson
BESS is expected to complement rather than fully displace diesel gensets, which will remain critical for reliability, with BESS adoption driven by economic viability for customers.
“We don’t believe it will fully displace a diesel genset because diesel provides reliability when nothing else works—such as in flood situations where the grid and solar fail. Diesel gensets will remain part of the energy mix, with customers adopting BESS when the economics work for them.”
— Company Management, Spokesperson
The company has greater confidence in domestic market growth due to discernible government infrastructure spending and a deeper understanding of local market dynamics, contrasting with export uncertainties.
“We have more confidence in the domestic market because we see government infrastructure spending converted into actual projects and tenders. We understand the domestic market, segments, and players better, so our primary confidence remains there.”
— Company Management, Spokesperson
Rising copper prices, currently around 1,320 per kg, pose a challenge, and the company is evaluating how the market will respond to potential price increases to offset these commodity costs.
“Regarding commodities, steel is stable, but our associate company gets heavily impacted by copper. Copper has been inching upward, with recent numbers around 1,320 per kg. We are yet to see how the market will accept these price increases.”
— Company Management, Spokesperson
PG Electroplast | Small Cap | Engineering & Capital Goods
PGEL is a diversified Electronic Manufacturing Services and Plastic Injection Molding company catering to leading OEMs in Consumer Electronics and Automotive Industry. The company specializes in turnkey solutions as an EMS for PCB Assemblies, full product assembly, plastic injection molding and engineering services for Consumer Electronics, Home and Kitchen Appliances, Automotive Industry Parts, Lighting industry and Mobile Phones.
The company experienced strong year-over-year growth in both room AC (80%+) and washing machine (45%) sales in Q3 FY26.
“We had a good quarter in both room ACs and the washing machine sales. The room AC business picked up in terms of sales. We had a 80% plus Y-o-Y growth in our -- and in our washers, we grew our business by 45%.”
— Vikas Gupta, Managing Director Operations
PGEL’s RAC business grew by 27% in the first nine months of FY26, significantly outperforming an industry decline of 15% to 20%.
“With this quarterly performance, we have been able to grow our RAC business by 27% in 9 months of FY ‘26 despite the industry posting an almost 15% to 20% decline in the same period.”
— Vikas Gupta, Managing Director Operations
While the washing machine business maintains strong 40-45% growth, the AC segment faces cautious optimism due to high channel inventory and delayed summer onset, though the company remains prepared.
“Washing machine business continues to see strong momentum. We are continuing to grow at about 40%, 45% growth, and we hope to maintain that momentum even in 4Q. On AC side, given the fact that there is a very huge channel inventory, which is still there and temperature has still not started rising in the Southern India, where typically the summer starts early. We are cautiously optimistic, and we hope that this summer season goes well, and we are prepared for that.”
— Pramod Gupta, Chief Financial Officer
The company prioritizes maintaining absolute per-piece margins over percentage margins for ACs, expecting to pass on commodity price increases to customers.
“Right now, I’ll be very upfront with you. Percentage margins is not what we focus on. We actually focus on per piece margin, which is what is what we get to make an AC. And there, we are not going to be compromising because of the price increase in the commodity. Typically, commodity prices are a pass on.”
— Pramod Gupta, Chief Financial Officer
PGEL believes its cost leadership, quality, and comprehensive customer service create high client stickiness, allowing it to maintain market share and avoid client losses despite competitive pricing pressures.
“Well, we think there are not -- pricing is not the only reason on which the customer typically decides on the business. There are multiple factors apart from the pricing. And given the cost leadership, which we have, I think that -- and the quality and the other factors which we give to the customer, the stickiness is rather high. And we have seen in the past 5 years since the time we have started our AC business, we have not lost a single client. And in most of the clients, our market share has actually increased over a period of time.”
— Pramod Gupta, Chief Financial Officer
PGEL firmly believes that the seasonal nature of the AC business makes outsourcing more economically viable than in-sourcing for brands in the medium to long term.
“And in fact, in the last year, everybody used to talk about in-sourcing versus outsourcing. But given the fact that this AC business remains seasonal, in our opinion, the economics is actually not in favor of doing in-sourcing, and it makes more sense to actually outsource the AC manufacturing. And therefore, in the medium to long term, we think and we believe firmly that economics will prevail.”
— Pramod Gupta, Chief Financial Officer
The company anticipates receiving INR37.5 crores from last year’s PLI scheme in Q4, with no PLI benefits recognized in the current quarter.
“There was no PLI in this quarter. PLI typically comes to us in the fourth quarter. And we will be taking that PLI as and when we will get the confirmation from the government on that. And that will be last year’s PLI, which would be INR37.5 crores, which will be coming in the fourth quarter to us.”
— Pramod Gupta, Chief Financial Officer
RR Kabel Ltd. | Small Cap | Engineering & Capital Goods
RR Kabel Limited is a prominent company in the Indian consumer electrical industry dealing with wires, cables, and FMEG. They offer a wide range of products including house wires, industrial wires, power cables, fans, lighting, switches, and appliances. The company operates through both B2B and B2C channels, serving various end-uses. With manufacturing facilities in Waghodia, Gujarat, and Silvassa, Dadra and Nagar Haveli and Daman and Diu, RR Kabel focuses on wire, cables, and switches production.
Despite a significant 25% commodity price rise and a slight sequential margin dip, the company effectively passed on costs, limiting margin impact to 0.5%, outperforming industry peers.
“If you see segment margins, they have slightly reduced compared to the previous quarter, but passing on the price is a continuous process. There will be some lag impact. In just a single quarter, the price rise was almost 25%, yet the impact on margins is hardly 0.5%. It is in line with, or rather better than, what others in the industry have seen.”
— Mahendra Kumar Kabra, Managing Director
RR Kabel took five price hikes (two in December, three in January) to pass through 20-25% copper inflation; frequency of increases now weekly versus quarterly in calmer periods.
“This is a continuous process. If prices increase by 2%, 3%, or 4%, we must change our sales price. In the month of December alone, we implemented two price hikes. In Q4, since there was upward movement in the last week of December, we had three price hikes in January as well. You have to change your sales price based on the movement in metal prices. At the industry level, this practice remains the same because nobody can absorb these kinds of price increases. It directly impacts profitability. The frequency is based on the degree of volatility. If prices rise by 3% or 5%, you keep changing. Sometimes we have to change pricing within a week; sometimes it stays stable for two or three months.”
— Mahendra Kumar Kabra, Managing Director
The recent EU trade deal, though taking a year to impact, is highly favorable for the company’s wire and cable exports, given 40% of its exports go to the EU.
“This announcement may take around 12 months to have an impact, but it is a very good deal. Almost 40% of our exports go to the European Union, so we can get good traction. This treaty is quite favorable for our wire and cable business.”
— Mahendra Kumar Kabra, Managing Director
Despite a current B2C-heavy revenue mix (70% wires), the company is strategically investing heavily in B2B cable capex and expanding its B2B network to align with the industry’s cable-dominant structure.
“Currently, 70% of our revenue comes from wires, which is strongly B2C. However, 65% of the industry business is contributed by the cable segment. That is why we have planned huge capex in the B2B category. We are expanding our B2B dealer network and focusing on power cables for contractors and industrial customers.”
— Mahendra Kumar Kabra, Managing Director
Finolex Industries Limited | Small Cap | Engineering & Capital Goods
Finolex Industries Limited, formerly Finolex Pipes Ltd., specializes in manufacturing PVC pipes, fittings, and resin. Their product range includes a variety of PVC products for agriculture, potable water supply, sewerage, plumbing applications, as well as trading in solvents like Ethylene Di Chloride and Methanol used in various industries in India.
PVC prices hit historic lows around $600/ton in Q3 FY26 but have since shown some improvement, leading to a more positive outlook for the current quarter.
“During the quarter, we saw that the price is going very, very low. I think we have never seen these kind of prices in the recent past. The PVC prices had gone down to as low as in the range of $600, depending on the region where it is coming from. However, the situation has improved a little bit. And we look into this quarter a little more positively.”
— Udipt Agarwal, Managing Director
Union Budget 2026 reduced import duty on Chapter 3904 (PVC resin) from 10% to 7.5%; management awaiting fine print to assess actual impact on Finolex’s procurement costs.
“We have also seen this announcement, but we are waiting for the fine print to come out. We still see that as regulatory stage. Let the fine print come out, then we’ll have to be able to conclude whether actually we are getting impacted by the reduction in the PVC prices or not. We are waiting for the further in this regard.”
— Chandan Verma, Chief Financial Officer
Finolex’s backward integrated PVC resin plant, supplying 65-70% of its consumption, provides a significant cost advantage over competitors, which is positively reflected in its margins.
“So Utkarsh, if you know that we are a company which is having advantage of backward integrated plant for the PVC resin. Now of a total consumption of, say, 100 in a year, in a given period of time, roughly we get a share of 65% to 70% from the in - house manufacturing of the resin. Now if the in - house manufacturing resin, we have a cost advantages in comparison to the other producers who are purchasing the PVC price directly from the market. So this -- having a backward integrated plant and in - house manufacturing of resin, we are having a certain cost advantages, that is getting reflected in our margin.”
— Chandan Verma, Chief Financial Officer
Logistics
Delhivery | Small Cap | Logistics
Delhivery offers comprehensive logistics solutions, including express parcel and heavy goods delivery, PTL/TL freight, warehousing, and supply chain management. The company also provides cross-border Express, freight services, and supply chain software. Additional value-added services encompass e-commerce returns, payment processing, installation & assembly, and fraud detection.
Delhivery experienced a record festive season in express parcels (295M shipments) and PTL (500k metric tons) due to strong client engagement and service levels.
“It’s been a record festive season with about 295 million express parcel shipments. Driven by strong share - of - wallet gains across clients. PTL has also crossed 500k metric tons, another record.”
— Vani Venkatesh, Chief Business Officer
The B2B rapid commerce segment presents a significant and surprisingly gross margin-positive opportunity, prompting planned network expansion in the next fiscal year.
“What’s interesting is the B2B opportunity in rapid commerce actually also turns out to be quite significant. It’s a pleasant surprise. And so, you know, the build - out, while we haven’t accelerated the build - out of our dark store or dark fulfillment network yet, you know, I think you’ll see some expansion over quarter one and quarter two of the next fiscal. But the important thing to note and what we track internally is we look at the gross margins of this business. In quarter three, which was the previous quarter, actually, this business was also a gross margin positive business.”
— Sahil Barua, MD & Chief Executive Officer
Delhivery aims for a 25-30% Return on Invested Capital (ROIC) on tangible assets, driven by enhanced profitability, improved asset turns, and stringent working capital management.
“The short answer, we think our business can generate 25 to 30% kind of ROICs... The drivers of that are both the expansion of our profitability, as well as improvement of our asset turns and the tightening of our working capital.”
— Vivek Pabari, Chief Financial Officer
Delhivery’s 43% YoY Express volume growth significantly outpaced the 15-18% market growth, indicating substantial market share gains beyond organic expansion.
“Our volumes are up 43% a year. Now, has the market grown 43%? Certainly not... Best estimates are that e - commerce volume growth... would have been in that 15 - 18% kind of range. And so when we’ve grown volumes 43%, 15 - 18% has come from organic growth in the market. You know, all the rest of it has obviously come from share gain.”
— Sahil Barua, MD & Chief Executive Officer
Delhivery’s pricing power stems from its ability to operate profitably at price points where competitors cannot, rather than simply raising prices in a commodity logistics market.
“Pricing power comes from two different sorts - there are two different streams of thought here. One is the ability to take pricing up. The second is the ability to make money at a price where no other competitors can make money at all. And we believe that it’s the second pricing power that is more important than the first, especially in industries which are commodity industries, which we are.”
— Sahil Barua, MD & Chief Executive Officer
Container Corporation of India | Mid Cap | Logistics
Container Corporation of India Limited (CONCOR) is a leading logistics company providing carrier, terminal, and warehouse operations services. Established in 1988, CONCOR aims to deliver cost-effective, efficient, and reliable logistics solutions. With a customer-focused approach, CONCOR prioritizes performance, results, and value for its customers.
Domestic growth was less than projected due to avoiding low-margin business and delays in tank container supply, which is expected to improve in Q4.
“The primary reasons for this is that we have not picked up the low-margin business in the domestic. Second is that the tank containers, which we were thinking that in Q3 we will get a good supply, but somehow it got delayed during manufacturing. And now in Q4, we are getting a supply of tank containers, and domestic loading is picking up now.”
— Sanjay Swarup, Chairman & Managing Director
Driven by robust market demand, the Board increased the FY26 CAPEX budget by 23% to Rs. 1,060 crores, with Rs. 717 crores already spent.
“Seeing the robust demand in the market, which I will be just telling you a short while from now, the Board of Directors have yesterday enhanced the CAPEX budget for this financial year by 23%, from Rs. 860 crores to Rs. 1,060 crores. Till now in this financial year, we have already spent Rs. 717 crores on CAPEX.”
— Sanjay Swarup, Chairman & Managing Director
CONCOR’s new liberalized policy for cabotage movement and Direct Port Delivery (DPD) is expected to significantly increase volumes in the near future.
“We have rolled out a liberalized policy for cabotage movement and DPD, and this is likely to make a very big contribution in volumes in the coming months.”
— Sanjay Swarup, Chairman & Managing Director
Management maintains its full-year volume growth guidance of 13% overall (10% EXIM, 20% domestic) and expresses confidence in achieving it.
“At this juncture, I will like to keep my guidance for 13%, that is 10% EXIM, 20% domestic unchanged. We are confident that by the end of the financial year, we will be able to meet this guidance.”
— Sanjay Swarup, Chairman & Managing Director
CONCOR is in advanced discussions for long-term agreements with Petronet for ethane/propane loading at Dahej and with GAIL for PTA business from Mangalore Port.
“Then talks are in an advanced stage with Petronet Limited for ethane propane loading on a long-term basis. And long-term agreement we are going to sign with this company at Dahej, loading at Dahej. And also talks are in advanced stage with GAIL, Gas Authority for their PTA business from Mangalore Port.”
— Sanjay Swarup, Chairman & Managing Director
CONCOR projects over 15% annual EXIM growth and more than 20% annual domestic growth for the next three years, driven by various strategic initiatives.
“By FY 2029, every year EXIM will show growth of more than 15% per annum. So, for three years, we can see back-to-back growth of 15%... Domestic, there is a huge potential. Untapped market is there and we are expecting more than 20% growth every year for the next three years.”
— Sanjay Swarup, Chairman & Managing Director
CONCOR projects a top line of Rs. 15,000 crores, 10 million TEUs throughput, and 75 million tonnes of containerized cargo by FY2029, supported by increased CAPEX to meet these ambitious targets.
“So, by FY 2029, I am projecting a top line of Rs. 15,000 crores for the company, which is quite achievable and 10 million TEUs handling throughput 75 million tonnes of cargo, containerized cargo. These three projections I am making for FY 2029 and Board of Directors has appreciated these projections and that was the reason for enhancing the capital budget, so that we are having equipment with us to meet these targets.”
— Sanjay Swarup, Chairman & Managing Director
The CMD clarifies that Net Tonne Kilometers (NTKM) is the correct metric for correlating loading with revenue, noting that a 2% reduction in EXIM lead due to lower demand in North India has primarily impacted revenue realization.
“So, correct parameter to correlate loading with revenue will be NTKM, in my opinion. So, as I already told in my opening remarks, the lead of EXIM has gone down by 2% due to less demand in North India. That is a primary contributor for less realization, as you call.”
— Sanjay Swarup, Chairman & Managing Director
CONCOR’s market share decline is a result of prioritizing high-margin business, but new strategies like multi-modal logistics and first/last-mile solutions are projected to increase market share to 65-70% by FY2029.
“See, fall in market share in every conference I am giving you the details, reasons are pretty obvious. We are not picking up the low margin business, because we believe in giving good service to our customers while retaining our margins. That is the primary reason. To arrest this decline in market share and to increase our market share, our company is taking lot of steps. Like we are focusing on multi modal logistic paths. We are focusing on first mile, last mile transportation. So, the projection that I have given for FY 2029, definitely it is going to increase our market share and take it between 65% to 70%.”
— Sanjay Swarup, Chairman & Managing Director
Metals
National Aluminium (NALCO) | Mid Cap | Metals
National Aluminium Company Limited (NALCO) is a group ‘A’ CPSE with integrated operations in mining, metal, and power. NALCO is known for being one of the largest Bauxite-Alumina-Aluminium-Power Complex in India and has the largest integrated alumina-aluminium complex in Asia. Its operations span mining bauxite, refining alumina, smelting aluminium, captive power generation, and a robust logistic network.
NALCO’s capex for FY26 is projected to be around INR 1,700 crores, with INR 600-700 crores allocated for modification and replacement projects, and the remainder for larger growth initiatives.
“This year is Rs.1,700 crores. ‘25, ‘26 around Rs.1,700 crores capex. I think Rs.600 crores to Rs.700 crores in MR that is additional modification and replacement project and the rest is bigger projects.”
— Abhay Kumar Behuria, Director (Finance)
NALCO currently avoids hedging due to its strong balance sheet, but may consider it in FY27-28 to protect EBITDA and margins when significant capex plans are underway.
“No. We have not adopted hedging mechanism now because we don’t think our model of business, if you see alumina and metal both. So this hedging, we don’t feel this is required now, but we don’t have any commitment... So if the situation comes up to ‘27, ‘28, when our capex plan will be in full swing and we have committed cash flow and we need to protect our EBITDA and margin, then we will think of this hedging.”
— Abhay Kumar Behuria, Director (Finance)
NALCO anticipates LME aluminum prices to remain around $3,000 in Q4 FY26 and average $2,900 next year, driven by supply reductions and China’s capacity caps.
“You see, as of now, the LME is somewhere around $3,200. We were expecting to remain somewhere around $2,900, $3,000, but it has increased... So we are expecting this year, maybe this quarter, it will be somewhere around $3,000. It should remain $3,000 LME. And next year also somewhere between $2,900, $3,000, $2,800, $2,900. Average $2,900, we can expect that.”
— Brijendra Pratap Singh, Chairman-cum-Managing Director
The current oversupply of alumina in the market, driven by new refineries in Indonesia and reduced global smelting capacity, is causing price reductions.
“You see there is an excess of alumina in the market. In Indonesia, 2 refineries have come up and a few of them are closed down, like Mosul, one has closed down. Iceland, one has closed down smelting capacity has gone down and refining capacity has come up more so. There is an excess of alumina in the market. That’s why there is a price reduction and the prices of alumina solely depend on demand supply.”
— Brijendra Pratap Singh, Chairman-cum-Managing Director
NALCO’s captive coal is approximately INR 200-250 per ton cheaper at the power plant compared to externally sourced coal.
“Our own captive mines, the landed cost at our power plant, the difference between that coal and the coal which we are taking from outside, is around Rs.200 to Rs.250 depending on the source... Our captive coal is cheaper, around Rs.200.”
— Brijendra Pratap Singh, Chairman-cum-Managing Director
NALCO is actively pursuing pilot projects and MOUs with NML Jamshedpur and BARC to extract rare earths from red mud and gallium from Bayer’s liquid, with commercial scale results expected in 1-1.5 years.
“As far as extraction of critical minerals from red mud is concerned, we are in the process of having a MoU with NML Jamshedpur, where they are in the process of setting up a pilot facilities for making the methodologies for extraction of rare earths from the critical minerals... The third is, that is not from red mud, that is from Bayer’s liquid. We are having one MoU with BARC, where they are setting up pilot plant that is extraction of gallium from the Bayer’s liquid.”
— Brijendra Pratap Singh, Chairman-cum-Managing Director
NALCO maintained profitability despite lower alumina prices by increasing production volume and improving techno-economic efficiencies like caustic soda and CP coke consumption.
“In spite of reduction in the prices of alumina, our profitability, we were able to maintain because of increase in volume and better efficiencies that is the improvement in techno-economic factors, that is caustic soda consumption, CP coke consumption.”
— Brijendra Pratap Singh, Chairman-cum-Managing Director
NALCO anticipates a significant increase in input costs for Q4 FY26, with CP coke prices rising by INR 12,000 to INR 54,600 per ton and CT pitch by INR 2,000 to INR 53,000 per ton.
“CP coke price we are expecting that the fourth quarter it will be around Rs.2,000 more what we have in the last 9-month average, it is around Rs.52,000. It will be around Rs.54,000 in the next quarter that is the increase. CP coke there is a huge increase Rs.12,000. But CT pitch, there is an increase of Rs.51,000 to Rs.53,000. CP coke, Rs.43,000 to Rs.54,000 we are expecting.”
— Abhay Kumar Behuria, Director (Finance)
SAIL | Mid Cap | Metals
Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the country’s Central Public Sector Enterprises. It produces iron and steel at several integrated plants and many special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. It manufactures and sells a broad range of steel products.
SAIL’s 36,000 crore ISP expansion project, with a 3-year completion timeline, is expected to significantly boost production volume and margins, addressing current cost disadvantages.
“Regarding ISP, we have a project estimated at 36,000 crores. Most major packages have been ordered, and ground activities have started. The timeline for completion is 3 years. We believe the production volume and margins from there will bolsters our profitability significantly.”
— Ashok Panda, Director of Finance
SAIL implemented significant price increases in January for both long (Rs 2,000-2,500) and flat (Rs 3,300-3,500) products, which are expected to fully reflect in February’s sales prices, leading to encouraging results.
“In January, the real increase was approximately 2,000 to 2,500 rupees for long products and 3,300 to 3,500 rupees for flat products. These increases happened in two or three tranches, so they will be fully reflected in February. That means the sales price in February will be quite encouraging.”
— Ashok Panda, Director of Finance
SAIL anticipates significant coking coal cost increases in Q4 FY26, with prices potentially rising by 1,200 rupees in February and another 1,000 rupees in March, though a stabilization around $251 is expected.
“In January, the average imported coal price was 18,500 rupees. It is expected to increase by 1,200 rupees in February to 19,700 rupees due to arrivals and stock quantities. The index has gone up to $250 per ton from around $185-$190. In March, there could be an increase of another 1,000 rupees over the February levels. I personally feel it will stabilize around $251 and eventually taper down as the situation in Australia improves.”
— Ashok Panda, Director of Finance
The positive impact on input costs despite rising coking coal prices was primarily due to structural savings from reduced power costs achieved through sourcing renewable energy.
“Coking coal costs went up after December. The positive impact was mostly due to savings in power costs. We are reducing power costs by sourcing renewable energy (RE) in different plants. This is a structural saving that we will further improve.”
— Ashok Panda, Director of Finance
Auto Ancillary
Studds Accessories Limited | Small Cap | Auto Ancillary
Studds Accessories designs, manufactures, markets, and sells two-wheeler helmets under brands ‘Studds’ and ‘SMK’, and accessories like luggage, gloves, and riding gear. It operates pan-India and exports to Americas, Asia, Europe, and other regions. Additionally, it manufactures helmets for Jay Squared LLC (’Daytona’) and O’Neal, catering to the US, Europe, and Australia markets.
A 1.5 million unit capacity expansion is delayed by one quarter due to construction restrictions, but the company offset this by adding 5 lakh units of annual capacity through process optimization, bringing total capacity to 9.5 million units without impacting medium-term growth.
“From an operational perspective, our 1.5 million unit capacity expansion for helmets and boxes has been deferred by one quarter due to temporary pollution-related construction restrictions. This will have no material impact on medium-term growth plans. Further, to fulfill ongoing demand, we have further optimized our production process and have added additional machinery, which will allow us to produce an additional 5 lakh units on an annual basis. With this, our total installed capacity stands at 9.5 million units.”
— Siddharth Bhushan Khurana, Managing Director
The India-EU/UK Free Trade Agreements are expected to reduce customs duties by approximately 2.5%, offering a competitive advantage, with further benefits from direct market access through the new Spanish subsidiary.
“Sridhar, regarding the India-EU and India-UK deals, we expect the customs duties to come down. It is a ballpark figure and varies by location, but it could drop from approximately 2.5% to almost 0%. The bigger change will come once our subsidiary is set up next quarter, as we will go directly to certain markets and the ASPs would significantly change. To answer your question about the customs duty, we expect about a 2.5% advantage on the customs duty between the two countries.”
— Siddharth Bhushan Khurana, Managing Director
The Indian helmet market offers significant growth potential due to low penetration (60%) and premiumization, with the company expecting to outgrow the motorcycle market at 12-13% even without stricter regulations, which would provide exponential growth.
“The industry is currently only 60% penetrated, so there is significant room to grow. Premiumization is also a huge factor. We are targeting a blended ASP of 800, up from 770. Even without new regulations, we believe our growth will outpace the motorcycle market. If the motorcycle market grows at 7-8%, we expect our market to grow at 12-13%. If mandatory helmet regulations are strictly enforced across all states, growth will be exponential.”
— Siddharth Bhushan Khurana, Managing Director
The company expects styrene prices to increase due to geopolitical factors but plans to offset cost pressures and boost profitability primarily through strategic product mix shifts towards higher-value helmets rather than solely relying on price increases.
“Styrene prices started going up again in January due to geopolitical situations. We do not expect styrene costs to stay down. Regarding ASP, we focus on both price increases and product mix. Product mix is a much bigger lever for us. Moving a consumer from a 1,000 rupee helmet to a 2,500 rupee helmet provides a much bigger boost to profitability than a 2-3% price increase.”
— Manish Mehta, Chief Financial Officer
Studds is diversifying its revenue streams by expanding into sporting helmets, including a deal with Decathlon, and motorcycle accessories, aiming for these segments to comprise 28-30% of total revenue within 2-3 years.
“Yes. We have two other segments. One is sporting helmets; we have signed a deal with Decathlon, and pilot production will begin this quarter. Decathlon sells about 7 million units globally and is moving some production from China to India. Secondly, accessories like jackets, gloves, and luggage will become a larger part of our business. In 2-3 years, we expect motorcycle helmets to stay at 70-72% of revenue, with the balance coming from these newer segments. Accessories have similar margins to motorcycle helmets, while sporting helmets for OEs are roughly 15-17% EBITDA.”
— Siddharth Bhushan Khurana, Managing Director
Healthcare
MedPlus Health Services Limited | Small Cap | Healthcare
Medplus Health Services Limited is a leading healthcare company in India with a network of pharmacy stores, online pharmacy, path labs, and optical services. Founded in 2006, it offers a wide range of pharmaceutical, wellness, and fast-moving consumer goods products with a focus on genuine medicines and value delivery through technology-driven supply chain efficiencies.
One-time ₹70 million charge for new Labor Code implementation; ongoing monitoring as final rules still pending clarity by March-April.
“So in corporate expense line, there includes a one-off nonrecurring expense also we’ll have to be mindful of that 70 million or INR7 crores, which was the impact of the past service cost post the implementation of the new Wage Codes. So that’s a one-off. Going forward, it should be more or less in the same range because, one, we’ll have to be mindful of what could come, those notifications and the rules are still not yet final. So we are looking, like others, we are keeping closely monitoring this space. And maybe by end of March, end of April, we should have more clarity. But as we speak, we are on a very good footing.”
— Sujit Kumar Mahato, Chief Financial Officer
The company is actively exploring franchisee models and partnerships, with more detailed information expected after the full fiscal year results.
“I think after the full year, we would like to get into that. But as you rightly picked up, that initiative is ongoing. And we are working with a couple of models, a couple of partners to see which is the right fit and how does it fit into our overall strategy. But that being said, that initiative is currently ongoing.”
— Sujit Kumar Mahato, Chief Financial Officer
60-70% of new warehouses are now operational, with the remainder expected within two quarters, and no significant increase in associated manpower costs is anticipated.
“At least 60% to 70% of the new warehouses have been operationalized. The rest will also get operationalized in the next two quarters. The manpower recruitment for all these warehouses are complete. So we do not expect any significant ramp-up on those expenses on those lines.”
— Sujit Kumar Mahato, Chief Financial Officer
The CEO is bullish on private label non-pharma products as a key driver for future margin improvement, leveraging the extensive store network to add new categories.
“So, Madhav, our margins, whatever we actually start improving on will be largely a function of the private label. And on private label, I actually am now equally bullish about the non-pharma side. Non-pharma is just a matter of adding categories out there. We are using, let us say, getting the full benefit of the 5,000 stores, which basically means we have the minimum amount of quantity for almost any product.”
— Gangadi Madhukar Reddy, Chief Executive Officer and Managing Director
Services
Antony Waste Handling Cell Limited | Small Cap | Services
Antony Waste Handling Cell Limited is a leading player in the Indian municipal solid waste management industry, offering a comprehensive range of services including waste collection, transportation, processing, and disposal across the country. The company has a strong track record in landfill construction and management, as well as expertise in waste-to-energy solutions, making it a key player in the evolving waste management sector in India.
Union Budget 2026-27 introduces ₹100 crore incentive for municipal bonds and AMRUT support, expected to improve ULB finances and accelerate waste management PPPs.
“Before turning to the company’s performance, I would like to briefly touch upon a few encouraging developments from the Union Budget 2026-2027. The budget places a strong emphasis on strengthening municipal finances through market-based funding mechanisms, including a 100 crore incentive for single-tranche municipal bond issuance, along with continued support under the AMRUT scheme for small and mid-sized cities. Several cities including Surat, Indore, Ahmedabad, Vadodara, Ghaziabad, and Pimpri Chinchwad are increasingly tapping municipal and green bonds. These initiatives are expected to improve the financial health of urban local bodies, accelerate private investment in urban infrastructure, and create a more enabling environment for long-term sanitation and waste management projects. This is an area where the company remains well-positioned to partner with municipalities..”
— Jose Jacob, Chairman and Managing Director
New BMC contracts worth 1,330 crores over seven years will significantly expand the company’s presence in Mumbai, enhancing long-term revenue visibility and operational leverage.
“The award of two large collection and transportation contracts by BMC significantly expands our presence in Mumbai, increasing operational coverage from two to seven wards through a consortium led by our wholly-owned subsidiary, AJ Environ Infrastructure Private Limited with a 51% stake. These contracts carry a combined revenue potential of approximately 1,330 crores over a seven-year tenure, enhancing long-term revenue visibility and providing annuity-like cash flow while offering operating leverage through fleet optimization and route rationalization.”
— Jose Jacob, Chairman and Managing Director
Completed AG Infrastructure merger effective Dec 31, 2025 post-NCLT approval, streamlining operations and strengthening balance sheet for growth.
“Additionally, I would like to highlight that the company successfully completed the merger of AG Infrastructure Projects Private Limited with Antony Waste Handling Cell Limited, effective from December 31, 2025, following NCLT approval. This consolidation streamlines operations, enhances organizational efficiency, optimizes cash flow, and strengthens the balance sheet, enabling more effective capital allocation towards growth and creating long-term shareholder value.”
— Jose Jacob, Chairman and Managing Director
Two new Andhra Pradesh waste-to-energy projects, with a total capex of 600-650 crores and expected EBITDA margins over 40%, will add significant processing and power generation capacity.
“Taking a moment to update on the two Andhra projects at Kadapa and Kurnool, both projects are identical in plant configuration, each with a processing capacity of 750 tons per day and a gross power generation capacity of 15 MW. Total project capex is expected to be around 600-650 crores with a debt-equity ratio of around 75:25. The EBITDA margins would be similar to our PCMC site, which is upwards of 40%.”
— Mahendra Anantula, Group President of Operations, Business Development, and Diversification
The company expects an improved margin profile of 22-23% driven by increased traction in higher-value processing contracts and demand for scientific waste remediation solutions.
“Moreover, as higher-value processing contracts gain traction and rising demand for scientific waste remediation and circular economy solutions continues, we anticipate an improved margin profile of around 22-23% going forward.”
— Subramanian, Group CFO
Competitive intensity is low for waste-to-energy projects due to clients preferring experienced players, with only 2-3 bidders typically, whereas collection and transportation contracts attract more regional competition.
“When it comes to waste-to-energy projects, we are witnessing two to three players at the most per project. Clients are keen to attract only companies with experience, so there are max three to four companies. In the case of Andhra, there were only two bids. Competitive intensity is not so high in waste-to-energy projects. It is different in collection and transportation contracts where a lot of these projects attract regional players.”
— Jose Jacob, Chairman and Managing Director
To expand beyond municipal projects, the company is exploring diversification into non-municipal areas such as B2C services, the EPR market, and waste-to-energy solutions for electricity boards to broaden its client base.
“Growth is based on bankable projects awarded by municipalities. From 2020 to now, we have grown from a 400 crore to a 900-1,000 crore company. Traction in municipal solid waste is much better today. We are cautious and measured in growth regarding counterparty risk with municipalities. The board is also looking at moving away from only municipal business into non-municipal areas like B2C pick-to-clean services, the EPR market, and providing waste-to-energy solutions for electricity boards to diversify our client base.”
— Jose Jacob, Chairman and Managing Director
The company prioritizes increasing its share in processing projects while also pursuing collection and transportation, strategically choosing projects and cities.
“We are focusing on both but with a special focus on processing as we want to increase that share. We are very choosy about selecting the right projects and cities. We have recently won two waste-to-energy projects in Andhra Pradesh, one Thane Municipal Corporation pre-processing project, and two Mumbai C&T; contracts. We expect more in the coming quarters.”
— Jose Jacob, Chairman and Managing Director
That’s it for now! Your feedback will really help shape how The Chatter 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 these quotes 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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