TrueNorth Capital

@truenorth.capital.0249

Rajkot, Gujarat

5+ Years of experience

SEBI Registration INA000020040

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Posts

shared an insight ⚡️ 25th Sep

Deepa Jewellers eyes 46% earnings CAGR on capacity expansion

DEEPA

has raised Rs 250 crore through a fresh issue in its initial public offering to fund inventory needs. The stock currently trades at Rs 194, corresponding to a Nifty level of 23,063. The company is scaling up operations by adding two new product categories, paper casting and nakshi Kundan jewellery, along with 22 new stock keeping units. It is expanding its design team from 15 to 20 members and establishing a 6,700 square foot in-house manufacturing plant in Hyderabad. This move reduces reliance on third-party karigars, providing better cost management, faster order fulfillment, and stricter quality oversight. To strengthen market reach, a new sales office was set up in Vijayawada in November 2025, with another planned for Bengaluru this fiscal year. While headline market attention often focuses solely on gold price volatility, the strategic shift toward in-house manufacturing and organized business models is the primary driver of value here. Organized B2B suppliers account for only 20% to 25% of the overall market, offering substantial room to gain market share as retail chains outsource manufacturing. The IPO proceeds have lowered the company's debt-to-equity ratio from 0.47x to 0.23x. With expected net profits of about Rs 400 crore over the next two years, internal accruals and balance sheet flexibility support business expansion. At current levels, the stock trades at 8 times FY2028 projected earnings. This reflects a 28% to 37% discount to peers such as Shanti Gold International and Shringar House of Mangalsutra, and a 60% discount to Sky Gold & Diamonds. Earnings are projected to grow at a 46% CAGR over FY26-28, presenting an attractive tactical entry opportunity. Key factors to track include the speed of capacity utilization at the Hyderabad facility and wallet share growth among existing retail chain clients, which currently contribute nearly three-fourths of revenue. The stock presents an attractive tactical buy at current valuation levels.

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shared an insight ⚡️ 25th Sep

Vijaya Diagnostic enters North-East via Arya Wellness

Vijaya Diagnostic Centre [

VIJAYA

] has acquired 100% of Assam-based Arya Wellness Centre for ~₹46 crore to launch its regional footprint. The target business reported ₹26 crore revenue and ₹5.6 crore EBITDA for FY26. This acquisition offers Vijaya Diagnostic Centre a direct entry into the under-penetrated North-East market using an established hub in Guwahati. The business fits Vijaya's high-margin B2C preference, as over 85% of Arya Wellness's revenue comes directly from individual customers rather than institutional channels. It also provides immediate earnings support without balance sheet strain, since the transaction was funded entirely through internal cash reserves at an enterprise valuation of 8–9x FY26 EBITDA. The key issue is whether this initial anchor can support long-term regional density. While the transaction valuation appears reasonable, Vijaya Diagnostic Centre trades at a premium of ~33x FY28e EV/EBITDA following a 74% stock price rally over the last 6 months. High market valuations leave little room for operational delays or integration issues as the company expands its network beyond its core Southern markets. Investors should track network execution across new geographies, specifically the planned addition of 9 hubs and 10–12 spokes in FY27, along with the retention of local margin profiles near the target 40% EBITDA guidance. We maintain a cautious Equal-weight view on the stock at current market levels due to stretched valuations, despite strong operational execution. Disclosure: Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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shared an insight ⚡️ 24th Sep

Astra Microwave Microwave order book hits Rs 4,361 crore

Astra Microwave Products Limited

ASTRAMICRO

secured a Rs 2,205-crore Uttam Radar contract from HAL. This major win expands the total order book to a record high of Rs 4,361 crore. The company secured orders for 122 Active Antenna Array Units and 121 Interface Frames. Defence orders now make up the vast majority of the company's execution pipeline, providing earnings visibility over the medium term. Management expects additional order inflows of Rs 8,000 crore to Rs 9,000 crore over the next three to four years, with execution spread across five to six years. While the order win builds long-term revenue visibility, execution remains the primary bottleneck. Q1 FY27 revenue dropped 11.5 percent year-on-year to Rs 177 crore, with net profit falling 24 percent to Rs 12 crore due to delays in customer inspections, technical clearances, and supply chain constraints. At a trailing valuation of 47 times FY28 estimated earnings, the market is pricing in near-perfect execution. What the headline order figure misses is that high order book expansion does not automatically convert into immediate earnings without timely clearances. Investors should closely watch execution recovery in the second half of FY27 to see if the company achieves its target revenue of Rs 1,350 crore. Additionally, monitor progress on the demerger of its Space, Meteorology, and Hydrology divisions scheduled for April 2027. Maintaining an Overweight view as strong order visibility supports medium-term growth, though short-term execution risks require monitoring. Disclosure: This post is for informational and educational purposes only and should not be construed as investment advice. Please consult a qualified financial advisor before making any investment decisions.

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What are the top stock recommendations by TrueNorth Capital?

TrueNorth Capital regularly shares stock views and market analysis on StockGro. Some of the stocks they have recently shared views on include DEEPA, VIJAYA and ASTRAMICRO. Explore TrueNorth Capital's complete list of posts and trade views on their StockGro profile.

How can I follow TrueNorth Capital's latest investment insights?

You can follow TrueNorth Capital's latest investment insights, stock recommendations, and market analysis on StockGro App. Additionally, you can check their detailed stock analysis reports in the StockGro blog section.

What is TrueNorth Capital's investment strategy?

TrueNorth Capital follows a data-driven, research-backed investment strategy focused on maximizing returns while managing risk. Their approach includes fundamental and technical analysis, portfolio diversification, and sectoral trends to identify high-potential stocks.

How long has TrueNorth Capital been a SEBI-registered Research Analyst (RA)?

TrueNorth Capital has been a SEBI-registered Research Analyst and have 5+ Years of experience. With extensive experience in stock market analysis and investment research, they have guided investors in making informed and profitable decisions.

Where can I see TrueNorth Capital's past performance and stock picks?

You can check TrueNorth Capital's past stock recommendations, success rate, and investment insights on their StockGro profile. Their historical stock picks reflect a track record of strategic investment decisions based on thorough research.

How can I contact TrueNorth Capital for stock market advice?

For stock market guidance from TrueNorth Capital, you can connect through their StockGro profile. Some RAs may also provide personalized investment consultations based on their availability and SEBI regulations.

What is TrueNorth Capital's track record in predicting market movements?

TrueNorth Capital has a proven track record of accurate market analysis and trend predictions. By analyzing economic indicators, market sentiment, and technical charts, they have consistently helped investors make well-timed investment decisions.

What is the SEBI Registration number for TrueNorth Capital?

TrueNorth Capital is a SEBI-registered Research Analyst with the SEBI Registration INA000020040. This ensures that their investment recommendations comply with SEBI's regulatory framework for investor protection and financial advisory standards.

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