Author: Sovrenn Financial Technologies Pvt. Ltd.

9th Jul 2024

Aditya Joshi, Co-founder and CEO

Akriti Swaroop, Co-founder and COO

SOVRENN TIMES

DISCLAIMER: This document is created for educational and informational purposes only and should NOT
be construed as a Buy/Sell recommendation, investment advice or a research report. Although the
document accurately reflects the personal views of the authors, there may be manual/ human errors in the
document. The authors may also have equity shares in the companies mentioned in this report. Investor is
advised to consult his/her investment advisor and undertake further due diligence before making any
investment decision in the companies mentioned. Authors are not liable for any financial gains or losses due
to investments made as per the information written in this document.
 9th Jul 2024
IMPORTANT: How to use Sovrenn Times

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SOVRENN FRAMEWORK

Please look at the following parameters to assess any company for investment:

(1) Company type: Evergreen or Seasonal sector is preferable over Cyclical. This is because it is difficult
to predict upswing in Cyclical stocks.

(2) Profit uptrend: The revenue, operating profit and net profit should ideally be following an increasing
trajectory and company must not be loss making.

(3) PE: TTM PE or Trailing 12m Price to Earnings ratio should ideally be on the lower side of the sector
PE range, unless the growth prospects are compelling to justify a higher PE.

(4) Futuristic Sector: A futuristic sector (eg: Solar, Wind EV, Railways, Defence, 5G, Electrification, New
Age IT, etc.) enjoys sector tailwinds and usually has higher growth potential.

(5) HNI / Institutional / Promoter Buying: If a known HNI enters the Company by picking equity stake in
it, it can add to one’s conviction building. Similarly, promoters buying their company’s shares is
generally a positive signal of them demonstrating confidence in their business.

(6) Special Situation: If a company is raising funds through preferential issuance of shares to a select
group of investors, or through Rights issuance where all the current shareholders have the right to
buy additional shares in the company, it signals incoming cash into the company. This cash is
generally used for future growth and hence signals increased possibility of higher future profits.

(7) Future Information: If we have information about future growth drivers of a company, it can help build
conviction before making investment decisions. Examples of such events include: (a) capacity
expansion which indicates future increase in sales, (b) new product launches, (c) large orders, (d)
partnerships and agreements, (e) acquisitions, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 2

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Sovrenn Times Summary

1. IZMO LIMITED
Filing: (ACQUISITION) Company's US-based subsidiary has acquired Geronimo Web, a global leader
in digital marketing for automotive OEMs and dealerships. This strategic acquisition positions Izmo as
one of the largest providers of digital web platforms in Europe, the USA, and South America, key markets
with significant growth potential. The combined clientele will exceed 4,000 automotive dealers worldwide,
with services offered in 37 countries and 16 languages. Geronimo Web's extensive dealer base and OEM
relationships will enhance Izmo's product portfolio, supporting clients' digital retail strategies.
MCap: INR 601 Cr PE: 23x
Number of LinkedIn Employees: 391 Members.
GSTR3B: Last filed May’24.
Clients: General Motors, Ford, Volkswagen, Fiat Chrysler, and Hyundai.

2. RATEGAIN TRAVEL TECHNOLOGIES LIMITED

Filing: (PARTNERSHIP) Company has been selected for a multi-year partnership by Malaysia Airlines
Berhad (“Malaysia Airlines”), the national flag carrier of Malaysia. This strategic collaboration will see
Malaysia Airlines leveraging RateGain’s advanced AirGain platform to boost its competitive edge through
superior pricing intelligence capabilities.
Mcap: INR 9,399 Cr PE: 64.6x
Number of LinkedIn Employees: 837 Members.
GSTR3B: Last filed May’24.
Clients: Six Continents Hotel, Inter Continent Hotels group, Lemon Tree Hotels, etc.

3. H.G. INFRA ENGINEERING LIMITED

Filing: (Memorandum of Understanding) Company has entered into a Memorandum of Understanding
with Ultra Vibrant Solar Energy Private Limited for acquiring shares or voting rights in the project
companies by way of incorporating new companies or by taking shares of the existing company for the
execution of the solar power plants project. Ultra Vibrant Solar Energy Private Limited has been awarded
the new solar projects from Jodhpur Vidyut Vitran Nigam Limited (JDVVNL) for 83.02 MW (AC), which is
proposed to be taken over by the Company.
MCap: INR 11,114 Cr PE: 21.1x
Number of LinkedIn Employees: 1906 Members.
GSTR3B: Last filed May ‘24.
Clients: NHAI, IRB Infrastructure Developers, Tata Projects Limited, and Adani Road Transport.

4. JUPITER WAGONS LIMITED

Filing: (FUND RAISE) BoD approved the floor price of INR 689/share for Qualified Institutions Placement
(QIP). Earlier On 7th May ’24, BoD had considered raising of funds for an amount upto INR 1000 Cr
through QIP.
MCap: INR 29,122 Cr PE: 87.6x
Number of LinkedIn Employees: 253 Members
GSTR3B: Last filed May ‘24.
Clients: Ministry of Railway, Ministry of Defence, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 3

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
5. RULKA ELECTRICALS LIMITED
Filing: (BULK DEAL) Company confirmed new orders worth INR 2.7 Cr from various clients. Indospace
Industrial Park Badli Pvt. Ltd. has two fire fighting projects totaling INR 1.4 Cr. Avenue Supermarts Limited
(D-Mart Kundratur, TN) has a fire fighting project worth INR 90L. Palra Estate Private Limited has two
projects totaling INR 33L. Palava Induslogic 2 Pvt Ltd has a fire fighting project worth INR 6.5L.
MCap: INR 240 Cr PE: 39.3x
Number of LinkedIn Employees: 52 Members
GSTR3B: Last filed May’24.
Clients: DMart, Raddison group, Inox, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 4

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
1. IZMO LIMITED NSE: IZMO (1st time covered: 28th Mar 2023)
Recent filing: (ACQUISITION) US-based Subsidiary of IZMO has acquired Geronimo Web, a global leader
in digital marketing for automotive OEMs and dealerships. This strategic acquisition positions Izmo as one of
the largest providers of digital web platforms in Europe, the USA, and South America, key markets with
significant growth potential. The combined clientele will exceed 4,000 automotive dealers worldwide, with
services offered in 37 countries and 16 languages. Geronimo Web's extensive dealer base and OEM
relationships will enhance Izmo's product portfolio, supporting clients' digital retail strategies.

SUMMARY: 2y Operating Profit uptrend | 3q Operating Profit uptrend | PE 23x (Sector PE range 30-50) |
Fund Raise | Promoter Buying | Acquisition | New-Age IT

FUTURE OUTLOOK: As per FY24 concall, Company is aiming to achieve a turnover of 500 crores within
the next 3 to 4 years.

• MCap of INR 601 Crore (share price = INR 425 / share) (as on 9th Jul ‘24)
• TTM PE of 23x (as on 9th Jul ‘24) Retail float = 35.5% (Mar-24)

FOOD FOR THOUGHT: Highly competitive sector.

Company Description: Founded in 1995, lzmo Limited offers high-tech automotive e-retailing solutions in
North America, Europe and Asia. The Company is in the business of interactive marketing solutions. The
Company also owns the world's largest collection of Automotive Images and Animation and has a client base
of some of the largest automotive retail groups in the world.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
IZMO 191 200 186 201 264 251 304 292 270 335 291 347

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 34.8 35.7 39.7 43.7 41.5 44.8 50.2 50.2
Op Profit 2.6 5.0 9.5 12.2 8.3 9.1 10.5 12
Net Profit 2.1 3.1 6.5 8.3 5.0 5.1 6.9 9
OPM 7% 14% 24% 28% 20% 20% 21% 24%
NPM 6% 9% 16% 19% 12% 11% 14% 18%
Promoter % 34.8 35.7 39.7 43.7 41.5 44.8 50.2 31.9%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 63 92 101 116 132 154 187
Op Profit 17 20 20 28 24 29 40
Net Profit 6 7 11 27 16 20 26
This page is created for information purpose. It is not a BUY/SELL recommendation. 5
Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Website: https://www.izmoltd.com/
Izmo Emporio 3D Digital Showroom
Company Type Structural
LT OP uptrend Yes
ST OP uptrend Yes
PE 23 (IT: 30-50)
Below sector range
Yes
Futuristic Sector (New Age
IT)
Jun ‘23: Ravi Trilochan Bhatia bought 1.4L shares at INR 231/share,
aggregating to INR 3.1Cr
HNI / Institutional
May ‘23: Peeyoosh Madhusudan Chadda bought 70k shares at INR
/ Promoter Yes 136/share, aggregating to INR 95L
Buying
Apr '23: Manu Vyapar Pvt. Ltd. bought 72.5k shares at INR 132/share,
aggregating to INR 96L.

Mar ‘23: BoD approved issuance of 13.7L convertible warrants on

Special Situation Yes preferential basis at INR 88/ warrant, aggregating to INR 12.8 Cr to
Promoters of the Company.

Dec ‘23: Company has incorporated a new wholly owned subsidiary in

the name of “Izmo microsystems private limited” to develop new
technologies that will meet critical needs of Power Management in EV
Battery Technology, Mobility Solutions including Application Software,
Embedded Circuit Design & Manufacturing and Cloud Infrastructure, AI
based ADAS systems etc.
Future Visibility Yes
Jun ‘23: Company’s subsidiary FrogData introduced a new product
WarrantyBoost+ for Warranty Rate Enhancement. WarrantyBoost+
would be offered on an annual subscription model that includes a
Service Dashboard and advanced KPI measurement capabilities. With
the subscription, dealers will receive their Annual Warranty Submission
free of charge, saving time and resources.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 6

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
2. RATEGAIN TRAVEL TECHNOLOGIES LTD. NSE: RATEGAIN
(1st time covered: 30th Oct 2023)

Recent filing: (PARTNERSHIP) Rategain Travel Technologies has been selected for a multi-year
partnership by Malaysia Airlines Berhad (“Malaysia Airlines”), the national flag carrier of Malaysia. This
strategic collaboration will see Malaysia Airlines leveraging RateGain’s advanced AirGain platform to boost
its competitive edge through superior pricing intelligence capabilities.

SUMMARY: 4y Operating Profit uptrend | 7q quarters Operating Profit uptrend | PE 64.6x (Sector PE range
50-100) | Excellent Mar-24 results | Fund Raise | Partnerships | Institutional Entry | Tech Platform

• MCap of INR 9,399 Crore (share price = INR 797 / share) (as on 9th Jul '24)
• TTM PE of 64.6x (as on 9th Jul '24) Retail float = 9.4% (Mar-24)

FOOD FOR THOUGHT: Promoter sold INR 180 Cr worth of shares in Mar ’24.

Company Description: Founded in 2004, RateGain Travel is a global provider of SaaS solutions for travel
and hospitality that works with 2800+ customers and 700+ partners in 100+ countries, helping them
accelerate revenue generation through acquisition, retention, and wallet share expansion.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Rateg 462 602 593 624 660 727 797 812 716 697 699 746

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 119 125 138 183 214 235 252 256
Op Profit 12 18 23 32 38 46 51 54
Net Profit 8 13 13 34 25 30 40 50
OPM 10% 14% 17% 17% 18% 20% 20% 21%
NPM 7% 10% 9% 19% 12% 13% 16% 20%
Promoter % 55.9% 55.8% 55.8% 55.8% 55.8% 55.7% 51.3% 51.3%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar -24
Sales - 262 399 251 367 565 957
Op Profit - 23 -24 7 32 87 190
Net Profit - 11 -20 -29 8 68 145
Website: https://rategain.com/

This page is created for information purpose. It is not a BUY/SELL recommendation. 7

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Company Type Seasonal
LT OP uptrend Yes
ST OP uptrend Yes
PE 64.6 (Tech platform: 50 – 100)
Lower end of sector range

Futuristic Sector No

Jun ’24: Avtaar Holdings sold 21.6 lakh shares at INR 745 per share,
aggregating to INR 161 crore, to multiple funds such as ICICI
Prudential Mutual Fund, Morgan Stanley Asia Singapore Pte, Axis
Mutual Fund, Tata Mutual Fund, and Société Générale.

Mar ’24: Promoter sold 25.2L shares at INR 715/share, aggregating

to INR 180 Cr.

Mar ’24: Societe Générale bought 9.3L shares at INR 715/share,

HNI / Institutional /
Yes aggregating to INR 66.7 Cr.
Promoter Buying
Dec ‘23: As per December shareholding data, Pinebridge India
Equity bought 1.0%, Sundaram Mutual Fund bought 1.2% and Kotak
Mahindra Life Insurance Company bought 1.2% stake.

Jun ‘23: Aditya Birla Sun Life MF bought 25L shares and Societe
Generale bought 9L shares, both at INR 375/share aggregating to
INR 95 Cr and INR 34 Cr respectively. Avataar Holdings sold 55L
shares at INR 375/share, aggregating to INR 206 Cr.

Nov ‘23: BoD approved the issuance of 93.3L shares at INR 643 per
Special Situation Yes share, aggregating to INR 600 Cr to Qualified Institutional Buyers.

Jun ‘24: NYU School of Professional Studies Jonathan M. Tisch

Center of Hospitality (NYU SPS Tisch Center) and its Hospitality
Innovation Hub (HI Hub) Experiential Learning Lab, along with
HEDNA and RateGain, released the first edition of The State of
Distribution for 2024. The first of its kind report was created with an
aim to help leaders with strategic decision-making, prioritizing
technology investments, organizational restructuring, and training
and education.

Jun ’24: Company has been selected by Green Motion International

as its preferred revenue management partner for its franchisee
Future Visibility Yes network across 650 locations in 73 countries. This partnership aims
to enhance operational efficiency and revenue growth by leveraging
AI-driven technology for the car rental industry.

Apr ‘24: Company announced that its connectivity platform is

available on the Oracle Cloud Marketplace and can be deployed on
Oracle Cloud Infrastructure (OCI) and integrated with the Oracle
OPERA Cloud via the Oracle Hospitality Integration Platform (OHIP).
Oracle Cloud Marketplace is a centralized repository of enterprise
applications offered by Oracle and Oracle partners.

Mar ‘24: Company has enhanced Adara’s Destination Expenditure

Report to help Destination Marketing Organizations (DMOs) to track
This page is created for information purpose. It is not a BUY/SELL recommendation. 8
Please do your own due diligence before making any investment decisions.
 9th Jul 2024
visitor spending data more accurately. This upgrade allows DMOs to
analyze spending patterns for visitors from various markets and top
merchants at the destination, aiding measuring marketing
effectiveness and understanding visitor preferences. Adara’s
solution aims to provide valuable insights for destination marketers
globally.

Mar ‘24: Company announced partnership with Summerwind GSA,

a distinguished General Sales Agent (GSA) renowned for its
innovative approach to airline representation. This alliance aims to
redefine the airline industry, merging AirGain's advanced pricing
intelligence with Summerwind's deep industry experience and global
reach.

Mar ’24: Brightline Trains partners with AirGain – RateGain’s

Product, for cutting-edge pricing intelligence. This collaboration
enhances Brightline's competitiveness in the U.S. rail market,
providing real-time pricing insights.

Mar ’24: Budget Car & Truck Rental of Calgary, one of the leading
franchises in Canada leveraged RateGain's Rev-AI's cutting-edge AI
technologies to increase revenue by $1 million.

Feb ’24: Company announced a global partnership with FLYR, an

AI-powered travel technology provider. The partnership brings
together RateGain’s channel management and distribution solutions
with FLYR’s AI-powered Revenue Optimization System (RMS) to
help hotels improve their revenue.

Feb ‘24: Company announced the launch of their unified rate insights
platform Navigator that would help commercial teams track demand,
monitor competition, and fix parity issues in a single window making
it easy to maximize RevPAR and reduce manual efforts.

Feb ‘24: Company earned the status of Expedia Group's Elite

Connectivity Partner for 2024 for the second year in a row. In 2024,
only the top 2% of Expedia Group's connectivity partners qualified
as Elite.

Feb ‘24: Company announced that HotelKey, a leading hospitality

platform, has selected RateGain to enhance its distribution
capabilities. HotelKey will utilize RateGain for seamlessly
connecting to GDS systems and other demand partners.

Feb ‘24: Air Seychelles, a leading airline in the Indian Ocean, has
chosen to partner with the Company for its AirGain platform. This
partnership will provide Air Seychelles with real-time competitive
pricing insights for both its domestic and global routes. The AirGain
platform, offered by the Company, provides revenue management
solutions for both airlines and online travel agencies, including real-
time price intelligence and rate parity solutions, among others.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 9

Please do your own due diligence before making any investment decisions.
 9th Jul 2024

Check out Revenue Guidance Bucket under Sovrenn Discovery!!!

List of Stocks that have provided Revenue Guidance.

https://www.sovrenn.com/discovery/revenue-guidance-of-order-book-or-capacity

This page is created for information purpose. It is not a BUY/SELL recommendation. 10

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
3. H.G. INFRA ENGINEERING LIMITED NSE: HGINFRA
(1st time covered: 22nd Mar 2023)

Recent filing: (MoU) H.G. Infra Engineering has entered into a Memorandum of Understanding with Ultra
Vibrant Solar Energy Private Limited for acquiring shares or voting rights in the project companies by way of
incorporating new companies or by taking shares of the existing company for the execution of the solar power
plants project. Ultra Vibrant Solar Energy Private Limited has been awarded the new solar projects from
Jodhpur Vidyut Vitran Nigam Limited (JDVVNL) for 83.02 MW (AC), which is proposed to be taken
over by the Company.

SUMMARY: 6y Operating Profit uptrend | 2q Operating Profit uptrend | Excellent Mar-24 results | PE 21.1x
(Sector PE range 8-25) | Infrastructure

FUTURE OUTLOOK: As per FY24 Con-call, Management has guided for a 15-20% growth in topline |
Orderbook INR 12,434 Cr (Mar-24), 2.3x of TTM Revenue

• MCap of INR 11,114 Crore (share price = INR 1,705 / share) (as on 9th Jun ‘24)
• TTM PE of 21.1x (as on 9th Jul ‘24) Retail float = 9.0% (Mar-24)

FOOD FOR THOUGHT: Client concentration risk: Road projects from NHAI and ARTL contribute to 87% of
orderbook as of Dec-23.

Company Description: With a resilient two-decade journey, HGIEL has emerged as one of India's fastest-
growing construction companies. Its dedication to quality and timely execution has been pivotal in
establishing it as a trusted leader in the infrastructure industry. It is engaged in the business of EPC and
Maintenance of roads, bridges, flyovers, etc.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
HG I 950 931 942 894 850 848 932 881 909 1,189 1,507 855

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 1,106 796 1,185 1,535 1,351 955 1,365 1,708
Op Profit 199 161 238 297 281 220 228 333
Net Profit 109 82 131 171 150 96 102 190
OPM 18% 20% 20% 19% 21% 23% 17% 19%
NPM 10% 10% 11% 11% 11% 10% 8% 11%
Promoter % 74.5% 74.5% 74.5% 74.5% 74.5% 74.5% 74.5% 74.5%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 1,393 2,014 2,217 2,610 3,751 4,622 5,378
Op Profit 208 305 353 484 711 895 1,062
Net Profit 84 127 167 237 380 493 539
Website: https://www.hginfra.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 11
Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 21.1 (Infra: 8-25)
Higher end of sector range

Futuristic Sector No

HNI / Institutional
Mar ‘24: Nippon Life India Trustee Ltd is holding 4% stake. HSBC
/ Promoter Yes
Smallcap Fund is holding 4% stake. Abakkus Emerging Opportunities
Buying is holding 1.4% stake.
Special Situation No
Jun ‘24: Company has incorporated the following subsidiary/step-
down subsidiary companies to operate in the field of solar power in
the month of May ‘24 and Jun ‘24:
H.G. Bharatpur Solar Project Private Limited,
H.G. Dudu Solar Project Private Limited,
H.G. Kushlawa Solar Project Private Limited,
H.G. Moolraj Solar Project Private Limited,
H.G. Paleena Solar Project Private Limited,
H.G. Nayabera Solar Project Private Limited,
H.G. Chanpura Solar Project Private Limited,
H.G. Hemera Solar Project Private Limited,
H.G. Kisnasar Solar Project Private Limited,
H.G. Patiya Solar Project Private Limited,
H.G. Suin Solar Project Private Limited,
H.G. Bapini Solar Project Private Limited,
H.G. Berasar Solar Project Private Limited,
H.G. Bachasar Solar Project Private Limited,
H.G. Manyana Solar Project Private Limited,
H.G. Kishnasar Solar Project Private Limited,
H.G. Hiyadesar Solar Project Private Limited,
Future Visibility Yes
H.G. Dhingsari Solar Project Private Limited,
H.G. Ramsagar Solar Project Private Limited,
H.G. Moriya Solar Project Private Limited,
H.G. Amala Solar Project Private Limited,
H.G. Bhojakor Solar Project Private Limited,
H.G. Mukam Solar Project Private Limited,
H.G. Muknasar Solar Project Private Limited,
H.G. Sindhu Solar Project Private Limited,
H.G. Raisar Solar Project Private Limited,
H.G. Kapuriya Solar Project Private Limited,
H.G. Jetpur Solar Project Private Limited,
H.G. Bhada Solar Project Private Limited,
H.G. Surnana Solar Project Private Limited,
H.G. Peelwa Solar Project Private Limited,
H.G. Jakhan Solar Project Private Limited,
H.G. Khariya Solar Project Private Limited,
H.G. Pichiyak Solar Project Private Limited,
H.G. Hingoli Solar Project Private Limited,
H.G. Chandelao Solar Project Private Limited,
H.G. Gopasariya Solar Project Private Limited,
This page is created for information purpose. It is not a BUY/SELL recommendation. 12
Please do your own due diligence before making any investment decisions.
 9th Jul 2024
H.G. Matora Solar Project Private Limited,
H.G. Rajlani Solar Project Private Limited,
H.G. Barni Solar Project Private Limited,
H.G. Sanchore Solar Project Private Limited,
H.G. Jaipur Solar Project Private Limited,
H.G. Jalore Solar Project Private Limited,
H.G. Ajmer Solar Project Private Limited,
H.G. Mangeriya Solar Project Private Limited,
H.G. Nagaur Solar Project Private Limited,
H.G. Renewable Energies Private Limited,
H.G. Bhiwadi Solar Project Private Limited,
H.G. Tijara Solar Project Private Limited,
H.G. Bhilwara Solar Project Private Limited,
H.G. Kota Solar Project Private Limited,
H.G. Mathania Solar Project Private Limited,
H.G. Bilara Solar Project Private Limited,
H.G. Tapkuara Solar Project Private Limited,
H.G. Ghiloth Solar Project Private Limited,
H.G. Bikaner Solar Project Private Limited,
H.G. Nokha Solar Project Private Limited,
H.G. Bhopalgarh Solar Project Private Limited,
H.G. Behror Solar Project Private Limited and
H.G. Sri Dungargarh Solar Project Private Limited

May '24: Secured two projects from Maharashtra State Road

Development Corporation for the Nagpur-Chandrapur Expressway
under EPC mode. The projects, valued at INR 1,991 Cr and INR 2,151
Cr, span 28.2 km and 31.75 km, respectively, to be completed in 30
months.

Apr '24: H.G. Solar Projects, a subsidiary, incorporated three new

subsidiaries: H.G. Jodhpur Solar Energy Private Limited, H.G. Solar
Project Developer Private Limited, and H.G. Green Hydrogen Power
Private Limited for solar power businesses.

Apr '24: Incorporated "H.G. Chennai-Tirupati (II) Highway Private

Limited" for constructing a highway in Andhra Pradesh with a project
cost of INR 862 Cr and a 2-year construction period.

Apr '24: Received two awards worth INR 156 Cr from Jodhpur Vidyut
Vitran Nigam Limited for 36.3 MW solar power plants in a consortium
with Stockwell Solar Services Private Limited.

Mar '24: Signed contracts worth INR 64 Cr with Norangdesar Solar

Developer and Rasisar Solar Developer for solar plants of 6.52 MW
and 5.04 MW.

Mar '24: Awarded a 51.76 MW solar project worth INR 220 Cr by

Jodhpur Vidyut Vitran Nigam Limited in consortium with Stockwell
Solar Services.

Mar '24: Received LoA worth INR 534 Cr from Jodhpur Vidyut Vitran
Nigam Limited for a 125.7 MW grid-connected solar power plant
through RESCO mode.

This page is created for information purpose. It is not a BUY/SELL recommendation. 13

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Mar '24: Secured 4 LoAs totaling INR 1,026 Cr for EPC and
commissioning of solar power plants from Jodhpur Vidyut Vitran
Nigam Limited.

Mar '24: Subsidiary acquired a 49% stake in Norangdesar Solar

Developer Private Limited and Rasisar Solar Developer Private
Limited for solar power business.

Mar '24: Received LoA worth INR 709 Cr from East Central Railway
for a double line track project in Bihar, to be completed in 3 years.

Mar '24: Won INR 862 Cr order from NHAI for a highway project in
Andhra Pradesh.

Mar '24: Received LoA worth INR 610 Cr from NHAI for a 4-lane
elevated corridor in Jamshedpur.

Mar '24: Received LoA worth INR 447 Cr from South Central Railway
for a 44.14 km EPC project in the Nanded Division.

Feb '24: Incorporated H.G. Solar Projects to engage in solar power

business.

Feb '24: Received LoA worth INR 716 Cr from Central Railway for a
new BG line between Dhule and Nardana (49 km).
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 14

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
4. JUPITER WAGONS LIMITED NSE: JWL (1st time covered: 15th Feb 2023)
Recent filing: (FUND RAISE) BoD of Jupiter Wagons has approved the floor price of INR 689/share for
Qualified Institutions Placement (QIP). Earlier On 7th May ’24, BoD had considered raising of funds for an
amount upto INR 1000 Cr through QIP.

SUMMARY: 3y Operating Profit uptrend | 7q Operating Profit uptrend | PE 87.6x (Sector PE range 40-70) |
Excellent Mar-24 results | Fund Raise | Institutional Entry | Promoter Buying | Capacity expansion | Acquisition
| Railways

FUTURE OUTLOOK: Orderbook INR 7,102 Cr as of Mar 2024 (1.9x of TTM Revenue)

• MCap of INR 29,122 Crore (share price = INR 706 / share) (as on 9th Jul ‘24)
• TTM PE of 87.6x (as on 9th Jul ‘24) Retail float = 7.9% (Mar-24)

FOOD FOR THOUGHT: Steel and related products serve as raw materials, and their prices are volatile,
potentially impacting margins | PE is above sector range.

Company Description: Jupiter Wagons is complete transportation solutions engineer and one of the fastest
growing in India's railway sector. It is one of few players in India's railway wagons sector with a captive
foundry, one of the highest capacity complements and India's largest manufacturer of 25 tonnes wagons.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Jupit 205 343 327 313 348 319 404 371 374 408 602 689

(In INR Cr) Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 295 417 644 712 753 879 896 1,115
Op Profit 30 49 79 91 97 121 123 146
Net Profit 13 24 45 39 63 82 81 105
OPM 10% 12% 12% 13% 13% 14% 14% 13%
NPM 4% 6% 7% 5% 8% 9% 9% 9%
Promoter % 74.6% 74.6% 74.6% 74.6% 72.4% 72.4% 70.1% 70.1%

(In INR Cr) Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales - - - 996 1,178 2,068 3,644
Op Profit - - - 106 114 249 487
Net Profit - - - 53 50 121 331
Website: https://jupiterwagons.com/
This page is created for information purpose. It is not a BUY/SELL recommendation. 15
Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 87.6 (Railways: 40-70)
Above sector range

Yes
Futuristic Sector
(Railways)

Jun ’24: Copthall Mauritius Investment bought 32.8L shares at INR

HNI / Institutional / 652/share, aggregating to INR 214 Cr.
Yes
Promoter Buying
Mar ’24: Atyant Capital Fund is holding 3.6% stake. The Duke
Endowment is holding 1.4% stake.
May ’24: BoD approved the issuance of 28.7L warrants to Promoter
at INR 470/share, aggregating to INR 135 Cr.

Nov ‘23: QIP Committee has approved the floor price as INR 331.34
Special Situation Yes for the QIP issuance. Earlier, BoD had approved the raising of INR
700 Cr through QIP.

May ‘23: Company approved the allotment of 1.2L equity shares to

eligible Qualified Institutional Buyers at an issue price of INR
104/share, aggregating to INR 125 Cr.

Jun ’24: Jupiter Electric Mobility, a subsidiary of Company, in

partnership with Log9 Materials, announced key milestones in LFP
battery technology for Indian rail transport. Achievements include
RDSO certification for rail coach batteries, a contract with Siemens for
auxiliary batteries for Vande Bharat trains, and technical qualification
by BHEL, highlighting the batteries' efficiency, safety, and reliability.

Jun ’24: Company subsidiary has received approval from The

Automotive Research Association of India (ARAI) for its Battery
Operated Light Commercial Vehicles, branded as JEM TEZ. This
marks a significant milestone as JEM prepares to launch the first 1-
ton commercial electric vehicle (EV). The JEM TEZ features industry-
Future Visibility Yes leading fast charging technology, capable of charging from 0% to
100% in 20 minutes at combined charging stations and in under 2
hours with an onboard charger. With a certified range of 127
kilometers, it is ideal for various commercial applications.

Mar ’24: Company acquires 94.25% stake in Bonatrans India Private

Limited (BIPL) for INR 271 Cr, becoming first rolling stock
manufacturer with own wheel plant. Acquiree company, renowned for
wheelset manufacturing, boasts a production capacity of 20,000
Wheels and 10,000 Axles annually. The move enhances Company’s
self-reliance, operational efficiency, and reduces dependency on
imports. Acquisition aims to meet rising demand in domestic and
export markets. BIPL's FY23 turnover stood at INR 63.5 Cr.

This page is created for information purpose. It is not a BUY/SELL recommendation. 16

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Mar ’24: Ministry of Railways has placed an offer worth INR 957 Cr for
manufacturing and supply of 2,237 numbers of BOSM Wagons.

Jan ‘24: Company informed about the receipt of a significant contract

worth INR 100 Cr from one of the leading automobile manufacturers
for the manufacturing and supply of 4 rakes of Double Decker
Automobile Carrier Wagons.

LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 17

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
5. RULKA ELECTRICALS LIMITED NSE -SME: RULKA
(SME: Lot Size = 600 shares) (1st time covered: 12th Jun 2024)

Recent filing: (ORDER) Rulka Electricals confirmed new orders worth INR 2.7 Cr from various clients. Palra
Estate Private Limited has two projects totaling INR 33 L. Indospace Industrial Park Badli Pvt. Ltd. has two
fire fighting projects totaling INR 1.4 Cr. Palava Induslogic 2 Pvt Ltd and Avenue Supermarts Limited (D-Mart
Kundratur, TN) have fire fighting projects worth INR 6.5L and INR 90L respectively.

SUMMARY: 3y Operating Profit uptrend | 1h Operating Profit uptrend | PE 39.3x (Sector PE range 30-50) |
Institutional Entry | IPO | Diversified Commercial Services

• MCap of INR 240 Crore (share price = INR 561 / share) (as on 9th Jul ‘24)
• TTM PE 39.3x (as on 9th Jul ‘24) Retail float = NA

FOOD FOR THOUGHT: Negative Operating cash flow for FY24.

Company Description: Company is a turnkey projects contractor specializing in providing comprehensive

solutions for all types of Electrical and Fire Fighting projects. The company offers a wide range of services
including Electrical Solutions, Electrical Panels, Solar EPC Contracts, Turnkey Electrical Warehousing
Projects, Electric Commercial Industrial Services, Maintenance Services, Electrical Contracting, and Data &
Voice Cabling Installation across various sectors such as Industrial, Commercial, Retail, and Theatre.

Share price and Volume (last 1 year):

Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Rulka - - - - - - - - - - 401 543

(In INR Cr) Sep-23 Mar-24

Sales 36.4 34.6
Op Profit 4.1 4.8
Net Profit 2.4 3.7
OPM 11% 14%
NPM 7% 11%

(In INR Cr) Mar-21 Mar-22 Mar-23 Mar-24

Sales 19.59 36.27 46.84 70.98
Op Profit 1.13 2.36 4.08 8.89
Net Profit 0.54 1.12 2.81 6.11
OPM 6% 7% 9% 13%
NPM 3% 3% 6% 9%
Website: https://www.replservices.com/

This page is created for information purpose. It is not a BUY/SELL recommendation. 18

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Company Type Evergreen
LT OP uptrend Yes
ST OP uptrend Yes
PE 39.3
(Diversified Commercial Services: 30-50)
Middle of sector range

Futuristic Sector No

HNI / Institutional
Jun ’24: Bofa Securities Europe Sa bought 56.4k shares of
/ Promoter Yes Rulka Electricals at INR 447/share, aggregating to INR 2.5Cr.
Buying

Special Situation Yes IPO in May ’24.

Jun ’24: Company has received new orders from various

clients worth INR 3.2 Cr. The details of such orders are as
Future Visibility Yes follows: an order worth INR 2.7 Cr for civil construction work
from Palra Estate, an order worth INR 10 L for fire alarm
system work from Indospace Industrial Park Badli, and an
order worth INR 43 L for external pond work from Palra Estate.
LT OP = Long-term operating profit; ST OP = Short-term operating profit

This page is created for information purpose. It is not a BUY/SELL recommendation. 19

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Others
ABHISHEK INTEGRATIONS LIMITED
(ORDER) Company has received a work order worth INR 3 Cr for Operation and maintenance works in Fuel,
Material handling, technical services systems.

• MCap of INR 51.1 Cr (share price = INR 84.8/share); TTM PE 66.4x (as on 9th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Abhish 39 29 30 30 26 28 30 39 36 41 55 66

R S SOFTWARE LIMITED
(GOOD RESULTS) For the quarter ending Jun-24, Sales up 69% YoY from INR 11.1 Cr in Jun-23 to INR
18.8 Cr in Jun-24. Similarly, Net Profit up 3.6x from INR 1.4 Cr to INR 5.1 Cr. On a QoQ basis, Sales up 3%
and Net Profit down 24%.

• MCap of INR 690 Cr (share price = INR 269/share); TTM PE 32.8x (as on 9th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
RS So 40 55 48 58 63 59 76 181 188 269 196 231

ADVAIT INFRATECH LIMITED

(ORDER) The Company has received a Letter of Intent from KP Group of Companies for an aggregate
amount of INR 73 Cr. This includes an EPC project for a 30 MW Solar Plant at Khavda, Gujarat, valued at
INR 59 Cr, to be completed within 9 months, and an EPC contract for a 1 MW Green Hydrogen Plant at
Matar, valued at INR 13.7 Cr, to be completed within 8 months.

• MCap of INR 1,968 Cr (share price = INR 1,928/share); TTM PE 89.9x (as on 9th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
Advait 443 427 416 370 555 595 1,014 1,435 1,321 1527 1452 1727

RMC SWITCHGEARS LIMITED

(ORDER) Company has received a work order worth INR 4.8 Cr from Trade world Exim LLP, for Supply,
Installation & Maintenance of solar panel and inverter for 1.35 MWp Plant in Rajasthan. The works is to be
completed within 8 months

• MCap of INR 651 Cr (share price = INR 632/share); TTM PE 39.9x (as on 9th Jul ‘24)
Price Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
RMC 397 486 517 620 616 605 566 518 401 522 420 674

This page is created for information purpose. It is not a BUY/SELL recommendation. 20

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Sovrenn SME Index: -1.43%
Sovrenn SME Index was down 1.43% today. Please note that the constituents of the Index are
private. Also, the Index is only an indication of the movement of the broader SME market and not
available for replication or commercialization in any form. Sovrenn has the right to make changes to
Index constituents or change weightages of the constituents as per its own discretion.

IPO
SME / Subs
Company Status Open Close Listing GMP
Mainboard (x)
Three M Paper Boards SME Upcoming 12-Jun-24 16-Jul-24 22-Jul-24 16% NA
Prior Viztech SME Upcoming 12-Jun-24 16-Jul-24 22-Jul-24 0% NA
Sati Poly Plast SME Upcoming 12-Jul-24 16-Jul-24 22-Jul-24 0% NA
Sahaj Solar SME Upcoming 11-Jul-24 15-Jul-24 19-Jul-24 81% NA
Effwa Infra and Research SME Close 05-Jul-24 09-Jul-24 12-Jul-24 137% 314
Ganesh Green Bharat SME Close 05-Jul-24 09-Jul-24 12-Jul-24 147% 230
Ambey Laboratories SME Close 04-Jul-24 08-Jul-24 11-Jul-24 51% 173
Bansal Wire Mainboard Close 03-Jul-24 05-Jul-24 10-Jul-24 26% 63
Emcure Pharma Mainboard Close 03-Jul-24 05-Jul-24 10-Jul-24 34% 68

Company Sector Revenue growth (YoY) Profit growth (YoY) Issue PE

Three M Paper Boards Paper -16% 72% 12x
Prior Viztech Security and Surveillance Solutions 2.6x 26x 17x
Sati Poly Plast Packaging Material -6% 6% 20x
Sahaj Solar Solar -34% -36% 37x
Effwa Infra and Research Waste Mangement 26% 2.7x 14x
Ganesh Green Bharat Solar 90% 2.7x 22x
Ambey Laboratories Agrochemical 12% 60% 25x
Bansal Wire Steel Products 2% 31% 51x
Emcure Pharma Pharma 11% -6% 36x
Note: GMP keeps updating till listing on exchange. Subscription (x) keeps updating till Issue is Open.
Revenue and Profit growth is calculated after annualizing last period growth.

This page is created for information purpose. It is not a BUY/SELL recommendation. 21

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Sovrenn Macro

RBI Data Shows Job Growth Amid Quality Concerns Highlighted by Private Surveys

Robust Job Growth in FY24

According to the Reserve Bank of India’s (RBI) latest report on Measuring Productivity at Industrial Level-
The India KLEMS (capital, labour, energy, material, services) data, India added 4.67 crore jobs in FY24. This
brings the total provisional jobs in the country to 64.33 crore, up from 59.67 crore in FY23. This represents a
significant increase in employment, growing by 6% in FY24 compared to 3.2% in FY23.

Discrepancies Between Official and Private Estimates

While the RBI’s data paints a positive picture of job creation, private surveys highlight a more challenging
scenario. According to the Centre for Monitoring Indian Economy (CMIE), the unemployment rate rose to
9.2% in June from 7% in May. The overall unemployment rate for FY24 stood at 8%, up from 7.5% and 7.7%
in the preceding two years. These figures contrast sharply with the official narrative, suggesting a more
nuanced situation in the job market.

Quality of Jobs Remains a Concern

Beyond the headline numbers, the quality of jobs and the distribution of employment across sectors are
significant issues. Bloomberg reports that approximately 46% of the Indian workforce is still employed in
agriculture, a sector contributing less than 20% to the gross domestic product (GDP).

Need for Comprehensive Job Creation Strategies

The demand for jobs in India remains high. Citibank data indicates that a growth rate of 7% is needed to
create 80 lakh to 90 lakh jobs annually. However, the current requirement stands at 1.1 crore to 1.2 crore
jobs. This highlights a gap between job creation and the burgeoning demand for employment, necessitating
more comprehensive strategies to address the employment needs of the country.

Political Implications
Employment remains a crucial issue in the run-up to the Lok Sabha elections in 2024. Both the ruling National
Democratic Alliance (NDA) and the opposition INDIA Bloc have emphasized job creation in their election
manifestos. As job quality and availability continue to dominate public discourse, addressing these concerns
will be pivotal for any political party seeking to garner voter support.

Conclusion
While the RBI’s data indicates a positive trend in job creation, the concerns raised by private surveys about
unemployment rates and job quality cannot be overlooked. A balanced approach, focusing on both quantity
and quality of employment, is essential to ensure sustainable economic growth and social stability. The
upcoming elections will likely see a continued focus on employment as a key issue, reflecting its importance
in shaping India's future economic landscape.

This page is created for information purpose. It is not a BUY/SELL recommendation. 22

Please do your own due diligence before making any investment decisions.
 9th Jul 2024

Companies declaring results on 9th & 10th July 2024

Sl. No. Name of the Company Date

1 Delta Corp Ltd 09-Jul-24
2 Eraaya Lifespaces Ltd 09-Jul-24
3 G M Breweries Ltd 09-Jul-24
4 Nitin Fire Protection Industries Ltd 09-Jul-24
5 R S Software (India) Ltd 09-Jul-24
6 Rajnish Wellness Ltd 09-Jul-24
7 Ventura Textiles Ltd 09-Jul-24
8 VL E-Governance & IT Solutions Ltd 09-Jul-24
9 Hexa Tradex Ltd 10-Jul-24
10 JTL Industries Ltd 10-Jul-24
11 KCP Sugar & Industries Corporation Ltd 10-Jul-24
12 Kesoram Industries Ltd 10-Jul-24
13 Kretto Syscon Ltd 10-Jul-24
14 Lancor Holdings Ltd 10-Jul-24
15 SG Finserve Ltd 10-Jul-24
16 Sybly Industries Ltd 10-Jul-24
17 Tata Elxsi Ltd 10-Jul-24
18 Vasu Bhagnani Industries Ltd 10-Jul-24

This page is created for information purpose. It is not a BUY/SELL recommendation. 23

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Annexure
Sector specific PE classification:
Sl. No. Sector PE range
1 Information Technology 30 - 50
2 Pharma 20 - 30
3 Commodity Trading/Metal/ Paper 5 - 15
4 Consumer Retail/ FMCG 30 - 100
5 Consumer Discretionary 30 - 70
6 Gems and Jewellery 30 - 70
7 Capital Goods - Electrical Equipment 30 - 60
8 Capital Goods - Non Electrical Equipments 30 - 60
9 Industrial Products 30 - 60
10 Wires and Cables 30 - 60
11 Infrastructure 8 - 25
12 Telecom / Solar / Power Infra 30 - 50
13 Realty 30 - 40
14 Building Material 30 - 60
15 Oil & Gas field services 10-30
16 NBFCs 20 - 40
17 Banking 10 - 20
18 Financial Services 20 - 50
19 Microfinance 10 - 20
20 Brokerage 20 - 40
21 Power generation 20 - 30
22 Electric Vehicles 80 - 120
23 Automobile Manufacturing 30 - 50
24 Automobile Ancillaries 30 - 50
25 Railways 40 - 70
26 Clean Energy 50 - 90
27 Hydro Engineering 30 - 50
28 Smart Meter 30 - 70
29 Recycling 30 - 50
30 Waste Management 25 - 50
31 Healthcare - Hospitals/ Diagnostics 40 - 80
32 Speciality Chemicals 30 - 50
33 Commodity Chemicals 10 - 40
34 FMCG 30 - 70
35 Packaging 20 - 50
36 Defence 50 - 100
37 Drone 70 - 120
38 Contract Manufacturing 40 - 100
39 EMS 50 - 100
40 Logistics 10 - 40
41 Diversified Commercial Services 30 - 50
42 Consulting Services 30 - 50
43 Travel Services 30 - 60
44 HR Services 30 - 50
45 Media 20 - 50
46 Tech Platform 50 - 100
47 Steel products 10 - 50
48 EPC 20 - 50
49 Stationery 20 - 40
50 Education 15 - 40
51 Agro-processing 15 - 30
52 Agri products 30 - 50
53 Alcoholic beverages 30 - 70
54 Event management 25 - 50
55 Entertainment 20 - 40
56 VFX 30 - 60
57 Biofuels 30 - 60

This page is created for information purpose. It is not a BUY/SELL recommendation. 24

Please do your own due diligence before making any investment decisions.
 9th Jul 2024
Retail float calculation:
Shareholding percent for resident individuals holding nominal share capital up to INR 2L.

Special Situation:
Special Situation refers to any form of capital raise by the Company – Preferential issuance or allotment
of equity shares, Preferential issuance or allotment of equity warrants, Rights issuance, recently
conducted IPO / FPO or issuance of any debt security like NCDs, commercial papers, etc.

Future Visibility:
Future Visibility refers to a piece of information / event that positively impacts future revenues. Examples:
a large order win by the company, partnership / acquisition, new factory setup, expansion in existing
factory, new stores, launch of a new brand, etc.

Futuristic Sector:
Futuristic Sector refers to those sectors where high growth is expected. Examples: Green Energy (solar,
wind, etc.), Electric Vehicle, Railways (through railways modernization), Defence (through increasing self-
reliance), New-Age IT (Cloud, AI, ML, big data), 5G, Electrification, etc.

This page is created for information purpose. It is not a BUY/SELL recommendation. 25

Please do your own due diligence before making any investment decisions.