Hi Prudent Investors!
This update brings you the financial highlights for Q4 FY25 and FY25, along with key developments across the companies featured in Prudent Ideas.
It’s prudent to keep in mind that several of these companies are in the ultra microcap space. As such, they require a longer investment horizon and close monitoring as they execute their growth plans.
Below is a summary of recent updates and financial results from these companies:
| Company | MCap (Cr) | Q4 Sales Growth% (YoY) | Q4 PAT Growth% (YoY) | Annual Sales Growth% | Annual PAT Growth% | Our Thoughts & Observations/ Key Developments |
|---|---|---|---|---|---|---|
| Maestros Electronics | 83 | -44.6 | -67.44 | -13.22 | -11.34 | – Good consistent numbers given the size of the company – too early to comment on anything – May invest a very small part of the portfolio just for tracking purposes. |
| Addictive Learning | 238 | 3.03 | 39.78 | 17.1 | 49.46 | – The PAT growth is very good, but nowhere near the management guidance. – Although no annual guidance is provided, management targets 50-60 Cr revenue in the next 6 months (Jun-Dec 2025). – Setting up a university in the US within this FY. – Struggles with scaling the sales team have mostly been resolved using AI tools. – The promoter’s high-profile presence on social media—while defended under the guise of freedom of speech—strikes us as unprofessional, especially in light of recent missteps. For instance, losing a legal battle while selling law-related courses undermines the brand’s credibility. Until there is clearer evidence of strategic course correction and more consistent execution, we prefer to stay on the sidelines. |
| Dharmaj Crop Guard | 898 | 80.86 | 27.73 | 45.4 | -21.48 | – Significant jump in sales this Rabi Season. Still on operating losses from the Sayakha plant. – Active ingredients business scaled up nicely in the first year of its operation. – Targeting 20-25% growth in topline next year. – FY26 should give a better view on the profitability side. They are confident on achieving 2000 Cr by FY30. |
| Kranti Industries | 144 | -2.89 | -100 | -13.07 | -2366.67 | Quarter after quarter, the financial numbers are degrading, and the stock is trading at an ATH. We don’t actually know what’s happening. We will stay away from this until we see some good numbers |
| Premier Polyfilms | 559 | 3.84 | -16.57 | 3.12 | 26.27 | – Q4FY25 margins contracted, that’s why profits have degrown. Full-year basis profits have increased. – PVC prices are trading at one one-year low – we believe this should help the company produce better margins in the first few quarters of FY26. – Overall, the balance sheet and cash flows are very strong. Note: Technically, it does not look that strong. (Maybe stage 4 has just started?) |
| Shree Ganesh Remedies | 795 | -34.56 | -47.58 | -13.74 | -17.85 | – Posted their worst quarter because of lower realisation due to European Market slowdown and intense competition. We expect nothing major to happen in FY26. – Developing complex chemistry (6-8 steps) will allow them to get very niche projects and develop a monopoly there – Non-linear kind of growth is what Management is saying in the long run. – Detailed management commentary here: https://x.com/Manojeet_Das/status/1925288375466295617 |
| Techknowgreen Solutions | 111 | 36.64 | 34.49 | 41.83 | 25.16 | – Good H2 growth numbers considering the valuations. – 30% of the revenue in receivables – have to see the trend as the business scales up. – The company is operating in a futuristic niche segment |
| MK Exim (India) | 262 | 26.47 | 14.1 | 0.34 | 17.43 | – Flattish yearly numbers for the last 3 years. – Nothing much interesting happening here. – But Promoters are buying continuously since Nov 2020 – Promoter holding has gone up from 33.81% to 42.54%. We are in tracking mode for this company |
| Vikram Thermo (India) | 529 | -1.02 | -26.53 | -0.13 | -12.53 | – Flattish revenue but operational efficiency increased. – Demerged their Aromatic division (Vikram Aromatic Ltd). – The Company is operating in a very niche space. – It will be an interesting company to track. |
| CG-VAK Software & Exports | 136 | 5.14 | 36.31 | -1.96 | 1.31 | – Flattish numbers on a full-year basis. – Margins are coming back, it seems, but still lower than covid times, which is fine, we believe. – Nothing interesting is happening in this business. Let’s track this… |
| Cenlub Industries | 205 | 4.39 | 25.12 | 2.59 | -0.33 | – Consistent sales growth. Margins are back to normal levels to the mid-teens. – Consistent positive CFO for the last 11 years, which is very good! |
| Ameya Precision Engineers | 90 | 3.69 | 33.7 | 13.83 | 51.01 | – Consistent sales and profit growth. – Strong balance sheet and cash flows. – Only 525 Shareholders. Too early to comment on anything. |
| Balu Forge Industries | 7396 | 67.31 | 121.68 | 64.97 | 117.64 | – Consistent numbers. – But the stock didn’t move – Operated? We found some irregularities, though. – We have exited and may reshuffle with other opportunities. |
| Sathlokhar Synergys E&C Global | 1023 | 28.38 | 18.29 | 61.71 | 63.56 | – Acheived the guidance of 402 Cr. – 60%+ growth both on revenue and PAT. But the receivables shot up because of completion of majority of the work in the month of March 2025. – Out of the 135 Cr mentioned in the balance sheet as of H2FY25, as of May 2025, the outstanding is reduced to 67 Cr. The usual receivable cycle is 3-4 months. – The management is confident of clocking 50-60% growth this year as well. If they are able to achieve this with controlled receivables, then it is really a no-brainer right now! |
| Advait Energy Transitions | 1714 | 225.92 | 57.4 | 91.1 | 41.91 | – Revenue growth of 72% CAGR over the last 3 years. EBITDA growth of 35% YoY. – Unexecuted order book has seen significant growth from 500 Cr by the end of FY25, further increasing to 800 Cr by May 2025. – Advait has been awarded a 100MW Solar EPC project by Adani. – They have tied up with TECO group (Norway) and AVL group (Austria) to develop advanced fuel cell systems. – The management has said that they have overachieved in the first 3 years of their 6-7 year vision and are confident about gaining market share and delivering value to stakeholders. |
| Trident Techlabs | 908 | -13.61 | -35.47 | 5.44 | 22.73 | – Very poor show. Sales degrown. Very high receivables. – The re-rating that was done by the market last year may cool off this year. The earnings call should give some clarity. |
| S J Logistics | 767 | 60.07 | 108.43 | 85.52 | 150.43 | – Significant jump in numbers, drastic improvement in Revenue and PAT. – Management is focused on margin expansion without compromising the topline growth. They plan to achieve this through high value verticals like NVOCC (margins typically in the range 10-15%) and project cargo. – Plans to add 2000 containers in FY26 for their NVOCC segment, taking the total to 4000 vehicles. – The company has plans to expand into South India. – Management expects significant growth in their Air Freight business in FY26 (forayed in FY25) |
| Chatha Foods | 262 | 32.23 | 2.54 | 17.47 | -1.78 | – Good topline growth H2FY25 Vs H2FY24 but margins declined (need explanation for that). – Margin contraction leading to lower profitability this year. – Receivables slightly increased, and CFO ended at -1 Cr. – On the capex front – the veg plant to commence by Sep 2025 and a significant contribution is expected FY27 onwards. We are tracking this closely |
| Phantom Digital Effects | 372 | 31.93 | -13.78 | 10.29 | -16.13 | – Good topline growth considering the current valuation (but not that great if you compare it with Basilic Fly Studio Ltd). – Margin contraction reduced the profitability both H2 Vs last year H2 and on a full-year basis. -No sign of improvement for trade receivables infact it is increasing now with every result. Although the management claims that out of 45 Cr, 22 cr is long outstanding, and they are working on full recovery. – CFO ended at negative for the 3rd year now. – Recent development: Won a high value contract of 72 Cr (to be booked by Q4FY26). – We feel that the Management is unable to walk the talk at least on collecting the payments (see the jump in Debtor days) |
| Remsons Industries | 500 | 31.09 | -8.46 | 20.58 | 6.39 | – They have achieved their revenue growth guidance of 20%, and margins are similar to last year. – Trade receivables under control and CFO for FY25 are also positive. Many developments are happening around the business. – They are doing a lot of acquisitions – high inorganic growth is on the cards. – Recent developments: Acquired 51% stake of Astro Motors (EV Three wheeler), Received largest order of 300 Cr spread over 7 years (To give in perspective, Remsons closed their FY25 Revenue at 375 Cr) from Stellantis (North American OEM); margins will be around 10%, Entering into Railways and Defense space, Inaugurated its new State-of-the-Art Manufacturing Facility for Locomotive – Applications at Chakan, Pune. Incorporation of ‘Remsons Edge Technologies Private Limited’ – The objective of the new entity is to foray into a new line of business activities, including manufacturing of Railway Brake Systems for Wagon & Passenger Coaches and Parts, Brake & Steering Systems for Defence Vehicles, Aerospace Components with machining and Engineering fabrication assemblies. – Overall, the management is confident of achieving 900 Cr by FY29 |
| Resgen | 167 | 29.79 | 4.55 | 43.21 | 20.18 | – Highest ever revenue booked in 6 months. Good topline growth of 43% on a full-year basis. – Margins got hit – PAT growth 20%. Receivables are under control. CFO positive for the 2nd year in a row. – Promoter bought marginally last quarter. – Interested investors should track the company and see in which direction it is currently moving, as there is not much info available on their business side. |
| Fidel Softech | 245 | 28.53 | 100.67 | 36.72 | 55.89 | – Currently in an awesome growth phase. Posting quarter-on-quarter revenue growth for the last 8 quarters. – Margins exploded this quarter at around 26% (we believe this is not sustainable). Good full-year numbers. – The company is in a very niche space where we don’t find any comparable listed company. – The company is utilising AI/ML capabilities to deliver projects to their clients. – For FY26, they are targeting 70-75 Cr topline with similar margin levels of 20%. – Overall, the company looks good with some fuel left for re-rating. |
| Bansal Roofing Products | 146 | 22.34 | 135.44 | -8.48 | 56.06 | – Good numbers in Q4FY25: Margins expanded. Full year sales numbers decreased, but profits have increased because of margin expansion from 6% to 9.5%, though we are not sure if this margin is sustainable going forward. – Pre-Engineered Buildings (PEB) is in focus, and companies are posting good numbers, so the industry is going through a tailwind, we feel. Overall, it is a very small company, and it is going in the right direction. |
| Archean Chemical Industries | 7927 | 21.72 | -7.02 | -21.73 | -42.1 | – The company’s realisations and margins are somewhat dependent on the pricing of Salt, Bromine and SOP. – Good recovery in revenue in Q4FY25, although the topline declined 21% due to pricing pressure. – Bromine derivative business to contribute meaningfully from FY26 – Targeting 10k MT. Capacity Utilisation to reach at 50% this year. For bromine, they are targeting 22-25k MT. – Have an infra to go up to 30k MT. – For Salts, they are targeting more than 4 Mn MT. – For SOP, meaningful contributions will be coming in by the 2nd half of FY26. – The stock is a great buy around the IPO price of around 400-410 (Value bet). Let’s track FY26, how the business shapes up |
| IKIO Technologies | 1694 | 18.46 | -107.04 | 10.94 | -49.04 | – We’re not getting a good sense of the promoters. It’s been a mess since the company got listed. – They’ve always claimed that their high margins were due to the ODM model, but it now seems they’re sacrificing margins to grow revenue — and that too by entering very basic, low-competition products. – To add to that, their CFO recently resigned. We’re avoiding this company for now. |
| Fredun Pharmaceuticals | 344 | 18.05 | 26.3 | 30.9 | 30.03 | – Yet another consistent quarter. – Encouraging Management commentary – https://www.bseindia.com/xml-data/corpfiling/AttachHis/b8e556b6-6274-4b1f-ac77-417339922bcc.pdf – The only issue with the company is that there have been no positive Cash Flows from Operations since 2019 – maybe that’s why the stock is not performing and is in a stagnant phase. |
| Beta Drugs | 1850 | 17.87 | 28.86 | 22.54 | 25.66 | – They almost matched the full year revenue guidance of 24-25% sales growth. – The company has been growing consistently for the last 7 years now. They are targeting to grow at the same CAGR sales growth for the next 3 years. They are aiming to hit 750 Cr by FY28. – They are confident in maintaining 23-25% margins. – Overall very strong company operating in a high-growth industry. – Strong balance sheet – receivables under control and CFO is positive, yet another year. – Migration to NSE Mainboard is planned this FY26 |
| Canarys Automations | 174 | 17.05 | -23.6 | 18.74 | 3.75 | – Highest ever revenue booked in H2FY25; however, margins got hit from 15% to 11%, which led to lower profitability growth on a full-year basis. – Ended the year with a positive cash flow from operations at 3.84 Cr for the first time in the last 5 years. – High receivables of 68 Cr on a topline of 89 Cr. 29 Cr of Cash + Investments. Management hasn’t planned any earnings call yet. – One may take a bet on the company if available below 140 Cr Mcap (less than 5x of Cash and equivalents). |
| Sakar Healthcare | 699 | 16.67 | 84.62 | 15.82 | 52.52 | – Highest ever revenue booked in Q4FY25. – Mid-teen sales growth on full-year and YoY basis for the quarter. – PAT increased 52% on account of higher margins this FY. – Strong balance sheet with positive CFO for the last 5 years. – It can command much higher valuations once the return ratios start to improve – we believe they have completed the capex in March 2023, and the capacity utilisation is still not reached the optimum levels. – Having said all these, we find one comment from someone who knows the promoter closely – https://prudentparrot.com/5-pharma-companies-that-look-interesting-at-cmp/ |
| Mallcom (India) | 683 | 12.43 | -24.22 | 15.7 | 7.4 | – Operational revenue increased by 16% YoY. EBITDA margin saw a marginal dip from 13.72% (FY24) to 12.56% (FY25) due to increased focus on marketing and branding. – Consolidated Net Profit grew significantly by 59% YoY, reaching 57 Cr due to the sale of their garment plant in Kolkata. – Investment of 76 Cr in Fixed Assets was funded entirely through internal accruals. – The greenfield expansion at Sanand, Gujarat (Total Project Cost – 95 Cr), set up for the ProTech range of gloves, is complete and undergoing trial runs. – Sanand has a capacity to generate a turnover of 100 Cr (target 1-2 years) and is currently running at 25% capacity. – Chandipur plant is expected to begin commercial production in June 2025, with a potential to generate a turnover of 50 Cr. – The management has reiterated to achieve 1000 Cr revenue by FY28 |
| BEW Engineering | 236 | 50.83 | -34.65 | 11.26 | -10.32 | – Good recovery in sales in H2 but missed guidance of 150 Cr – they did 134 Cr in FY25. They also lowered the guidance from 200 Cr to 175 Cr in FY26, and on top of that, they are also cutting off the margins from 20 odd levels to mid-teens. – The margins got hit because of high volatility in the RM prices (haven’t specifically mentioned which one). – Management expects to execute the OB of 80 Cr by Sep 2025 – this will be a good judgement point if they are going in the right direction or not. – One thing we noticed in the concall that in the same call itself management projected two different margin numbers (20% and then 15%) – this is a very unprofessional incident that has happened – we hope that management speaks out the numbers more carefully in future. – May do an acquisition (Ankleshwar-based company) – but we highly doubt if they can, without borrowings or raising funds via equity dilution. The current balance sheet is not that strong because of high inventory levels and higher trade receivables, leading to a lower Cash conversion cycle. – We will give this business a time of 6-8 quarters more and see if things are in the developing phase or else we will look out for other opportunities. – Breakdown of management commentary – https://x.com/PrudentParrot/status/1926009943095689386 |
| Natural Capsules | 248 | 11.81 | -46.39 | 9.13 | -88.83 | – The capsules business is supposed to increase in FY26. – API segment – pricing pressure leading to lower realisations. Breakeven to be achieved by Q2FY26 for the API business. – Trade receivables are under control. Ended with a positive CFO in FY25. – We know we posted about the business at the wrong time – since the last 2 years, the business has been stagnant, so is the stock price (degraded rather). But if we observe carefully, the whole company is trading below its Fixed Assets :P. Is it a deep value buy or not? Time will tell. We are tracking this business closely. |
| Euro Panel Products | 398 | 8.54 | 34.55 | 7.07 | 26.41 | – Consistently growing over the last 9 years! Ended at the highest ever PAT of 18 Cr. – Receivables under control. CFO has been positive for the last 3 years. – Very small and undiscovered company with around 1000 shareholders – we are one of them 🙂 – Only listed ACP player in India. We expect good things from this company in the coming years. |
| Amba Enterprises | 202 | 7.97 | 11.18 | 19.37 | 20.49 | – Consistent numbers, but the growth is slowed this quarter. – Kapsons’ Agreement is still on the cards. Let’s hope we get an announcement regarding the same this FY. – We are still holding the company tightly due to the power infra tailwinds. |
| AVG Logistics | 409 | 7.76 | -55.39 | 14.81 | -0.79 | – Revenue and EBITDA up by 14%. Net Profit is down by 33% because of no exceptional income this year. – The management has failed to achieve their topline target of 700 Cr, but they have achieved their EBITDA target. – The company seems reluctant to conduct Concalls as they are always travelling – https://x.com/itsnitinverma/status/1930231815232729579?s=48 |
| Marine Electricals | 3258 | 5.76 | 9.85 | 23.3 | 47.94 | – Sales growth is slowing down, but operates in proxy to tailwind industries (Shipbuilding, Data Centers and EVs). – Good improvement of CFO this year, receivables are under control too. – Overall good, but the re-rating in the company is over, in our opinion. |
| SKP Bearing Industries | 379 | – | – | 36.14 | -72.19 | – The company is in a transition phase from a domestic company to a global company. – The France entity will be at a breakeven level when it clocks the revenue at 5 Million Euros (INR 45 Cr). – Plant 3 in India is up and running. They are capable of producing very high-quality products at a Global level. Capacity utilisation: Rollers – 90% and Balls – 50%. – Need a particular kind of infrastructure to get the customers in their bucket. They have the infra, but approvals are pending. |
See you next time.
Until then… Stay Prudent!
Disclaimer: This article is provided for informational purposes only and any companies discussed here should not be considered investment advice.
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