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Madhusudan Masala Limited Targets 30% Revenue Growth with Major Equity and Warrant Issuance

Key Stock Updates - 1st August 2024 Edition

By Bhumika Jain
7 Min Read
Highlights
  • In today’s update, we spotlight key companies that have recently submitted filings to the stock exchange. These filings offer valuable insights into corporate strategies, financial health, and potential market movements. Let's take a closer look.
  • MADHUSUDAN MASALA LIMITED: Issuing up to 31,40,000 equity shares and warrants to raise Rs. 52.12 Crore; targeting 30% revenue growth in FY25.
  • PNGS GARGI FASHION JEWELLERY LIMITED: Sales increased by 2.1x YoY; aiming for 75% revenue from PNGS stores with a 30% annual growth target.
  • SHIVALIC POWER CONTROL LIMITED: Received a work order worth INR 10 Cr; maintains a 3-year operating profit uptrend with a market cap of INR 827 Crore.
  • HARSHDEEP HORTICO LIMITED: Received a purchase order worth Rs 51.38 Lakhs; plans to expand sales network and introduce new products.
Contents
1) Madhusudan Masala Limited2) PNGS Gargi Fashion Jewellery Limited3) Shivalic Power Control Limited4) Harshdeep Hortico LimitedPast Coverages

1) Madhusudan Masala Limited

  • Business Overview – Company manufactures more than 32 types of spices and other food products like Papad, Tea and Soya products under brand names “DOUBLE HATHI” & “MAHARAJA” in different types of packing sizes of more than 276 SKUs. Company operates from a manufacturing facility located at Jamnagar, Gujarat, which is located near the local APMC market thus facilitating easy and quick access to raw materials which reduces the transportation costs as well.
  • Recent Filings – The company is issuing up to 14,90,000 equity shares at Rs. 166.00 each, aggregating up to Rs.24,73,40,000. Additionally, up to 16,50,000 fully convertible equity warrants, each convertible into one equity share at Rs. 166.00 each, will be issued for a total of Rs. 27,39,00,000. For the warrants, 25% of the issue price is payable at subscription and the remaining 75% upon exercise.
  • Future Outlook –
    • Expecting 30% revenue increase in FY25.
    • Targeting brand and PAT margin improvement in the range of 6 – 6.5%.
    • Focused on expanding market share in the branded sales segment
  • 1Y Price Chart –

2) PNGS Gargi Fashion Jewellery Limited

  • Business Overview – PNGS Gargi Fashion Jewellery Limited offers a diverse range of jewellery for various occasions and daily wear, including silver and non-silver items. Their collection features traditional, Indo-western, and modern designs for all genders. The company operates through a shop-in-shop model with 30 POS counters at P. N. Gadgil & Sons Ltd and P. N. Gadgil Art & Culture Foundation showrooms across Maharashtra, Gujarat, and Karnataka.
  • Recent Filings – The company’s result based on old business model of FOCO, For the quarter ending Jun-24, Sales up 2.1x YoY from INR 6.5 Cr in Jun-23 to INR 13.7 Cr in Jun-24 (as per new business model FOFO this number is INR 44 Cr in Jun-24) Similarly, Profit before tax up 93% from INR 1.5 Cr to INR 2.9 Cr (INR 14 Cr as per FOFO). QoQ comparison is not valid.(FOCO = Franchise operated Company owned, FOFO = Franchise owned Franchise operated).
  • Future Outlook –
    • The company plans to expand this year by adding new locations and increasing its shop-in-shop presence by approximately 15 additional locations.
    • Management targets 75% of revenues to be generated from PNGS stores.
    • The company plans to expand into Hyderabad, Gujarat, and Bangalore.
    • Management anticipates a promising market for fashion jewelry, projecting a 30% year-on-year growth.
    • The company plans to appoint a full-time CEO or Executive Director by FY25 to improve management control.
    • The company plans to launch in new areas, including Shillong and New Delhi.
  • Price Chart –

3) Shivalic Power Control Limited

  • Business Overview – Shivalic Power Control Limited is in the business of manufacturing LT and HT electric panels boasts a rich 20-year operating history with a sprawling 1,25,000 Sq. Feet in-house manufacturing facility. The company prides itself on its ability to produce a varied selection of electric panels including PCC Panels, IMCC Panels, Smart Panels, MCC Panels, DG synchronization panels, Outdoor panels and HT Panels up to 33KV.
  • Recent Filings – Company has received a work order worth INR 10 Cr from JK Cement Ltd, order needs to be completed by November 2024.
  • Future Outlook –
    • 3Y Operating Profit uptrend
    • PE 84.8x (Sector PE range 30-60)
    • Market Capitalization of INR 827 Crore (share price = INR 343 / share) (as on 2nd July 2024)

4) Harshdeep Hortico Limited

  • Business Overview –
    • Harshdeep Hortico Limited designs, manufactures, and supplies a diverse range of pots and planters, including plastic, illuminated, decorative, roto- moulded, and FRP types, along with garden accessories. Their product portfolio features over 500 variants in various sizes and colors. The company operates stores in Delhi, Pune, and Andhra Pradesh. Harshdeep Hortico Limited has an online presence on Amazon and Flipkart, and is active on Facebook and Instagram. The company operates manufacturing facilities in Bhiwandi and Pune, covering approximately 93,769 sq. ft. and 40,000 sq. ft., respectively.
  • Recent Filings –
    • Harshdeep Hortico Ltd. has received purchase order from M/s. Green World Nursery & Landscape for supply of different category of Flower pots as per purchase order. The Order value is Rs51.38 Lakhs. The order is to be executed within a period of 3 months. The order will likely have a positive impact on company as it will boost its revenue and could also strengthen client relationship.
  • Future Outlook –
    • The company plans to aggressively expand their sales network and continuously add new customers to grow their business. They aim to enhance visibility by expanding both domestically and internationally.
    • The company plans to invest significantly in expanding their capabilities to offer new products, addressing evolving customer needs and reaching new market segments.
  • Price Chart –

Past Coverages

Coverage Date Company LTP on Coverage Date Current LTP % change since coverage Recent Filings
9/07/24 Emerald Finance Ltd. ₹42 ₹71.2 69.5% Recent Concall
Anticipates its book size to grow by 8 to 10 times over the next three years. (16th July)
22/07/24 EMS Ltd. ₹684 ₹837.85 22.5% New Order
Company received a LoA worth INR 535 Cr for Development of Water Supply and Sewerage System with 18 years O&M in Vikas Nagar Dehradun, Uttarakhand. (19th July)
8/07/24 Dhabriya Polywood Ltd. ₹379 ₹437.85 15.5% New Order
Company received two work orders aggregating to INR 5.2 Cr on 4th July.
19/07/24 Shakti Pumps Ltd. ₹3,901 ₹4276 9.6% EXCELLENT Q1FY25 RESULT
For Q1FY25, Sales up 5x YoY and Net Profit up 93x. (20th July)
19/07/24 Anant Raj Ltd. ₹480.7 ₹555 15.5% Entered a MoU
Anant Raj Cloud Pvt Ltd, a wholly-owned subsidiary of Anant Raj, entered into a MOU with Google LLC. (20th July)
8/07/24 Dynamic Services & Security Ltd ₹276 ₹275.6 0.1% Share Repurchase Agreement
Company has entered a Share Repurchase Agreement with the existing shareholder of Nacof Nithin Sai Green Energy to acquire 49% of the outstanding share capital of the Target Company.
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SOURCES:NSE India
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