TrueNorth Capital

@truenorth.capital.0249

Rajkot, Gujarat

5+ Years of experience

SEBI Registration INA000020040

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Posts

shared an insight ⚡️ 14th Nov

Thermax Q2 profit drops 5% as margins face pressure

Thermax THERMAX reported an 11 percent year-on-year increase in consolidated revenue to Rs 2,756 crore for the second quarter, while consolidated profit after tax declined 5 percent to Rs 114.5 crore, missing market expectations. This earnings miss matters because profitability came under pressure from a combination of rising raw material costs, an adverse product mix in Industrial Products, and execution delays. Specifically, steel prices rose 10 to 15 percent during the quarter, alongside higher costs for copper-related components and crude-linked products. Order inflows also dipped 8 percent to Rs 3,259 crore due to deferred orders in Industrial Products. While the headline numbers focus on the quarterly profit dip and softer bookings, they miss the broader context of revenue visibility. The overall order backlog remains healthy at Rs 14,250 crore, which is 1.4 times revenue and up 16 percent year-on-year. Furthermore, management expects a strong recovery in the second half of the year, with H2 revenue projected to exceed Rs 7,000 crore as deferred shipments normalise and legacy loss-making projects wind down. At around 40 times estimated FY28 earnings, valuations have moderated. However, a stock re-rating depends entirely on whether execution can catch up with the order backlog and whether high-single-digit margins can be sustained against lingering commodity cost pressures. Green Solutions also remains a near-term drag that warrants caution. View: Equal-weight. Watch for execution recovery and margin stability in H2.

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shared an insight ⚡️ 14th Nov

Gokaldas Exports reports Q2FY27 revenue up 13%

Gokaldas Exports Ltd ( GOKEX ) delivered a 13 percent year-on-year revenue increase in Q2FY27 despite a seasonally weak quarter. Operating margins rose by 280 basis points year-on-year. The company sustained growth momentum through a 10 percent revenue rise in its India business, backed by 6.2 percent volume growth. Meanwhile, the Africa segment rebounded with 32 percent revenue growth and an 18.2 percent increase in volumes, recovering from a low base affected by US tariff disruptions in the previous year. These results matter because they demonstrate strong execution in a period of cautious consumer spending and inventory corrections across the US, Europe, and the UK. Capacity additions in Bhopal and Ranchi, alongside the proposed acquisition of fabric business BTPL, aim to strengthen vertical integration and improve lead times. Management plans to increase internal fabric consumption from BTPL to at least 50 percent by FY29. While headline numbers look positive, profitability growth was partly flattered by the weak base of Q2FY26. Furthermore, net debt is projected to climb from Rs 429 crore to between Rs 650 crore and Rs 700 crore by the end of FY27 due to capital expenditure, working capital needs, and BTPL integration costs. Investors should watch quarterly progress on debt levels, capacity utilization targets reaching 92 to 93 percent in India during Q3, and the operational turnaround of BTPL toward EBITDA breakeven. Rating: Overweight at [CMP: Rs 676](GE05). Valuation trades at 18x FY28 earnings.

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shared an insight ⚡️ 13th Nov

Hindustan Aeronautics posts Q2 profit rise

reported a 15% year-on-year increase in revenues for the second quarter, backed by steady execution across core defence programmes. Consolidated net profit reached Rs 1,936 crore, up 16 percent from the previous year, while EBITDA grew 11.6% to Rs 1,739 crore. The company maintained a massive order book of Rs 2.54 lakh crore, which is nearly eight times its annual revenue. Execution remained efficient despite supply-chain headwinds, supporting a profit rise alongside a 14.9 percent revenue increase to Rs 7,613 crore. This order backlog provides long-term revenue visibility. However, headlines often focus only on the large order book without highlighting the operational bottlenecks that dictate actual conversion speed. Programme delays in trainer aircraft and helicopter platforms due to engine availability and supply-chain friction remain critical constraints. While capacity expansion is underway—such as boosting Bengaluru manufacturing from 16 to 24 aircraft annually and scaling Shakti engine production at Koraput to 180 engines—execution speed determines whether the order book translates into timely cash flows. Furthermore, a shift in the revenue mix from manufacturing toward a balanced 50:50 manufacturing-to-MRO ratio will be crucial for sustainable margin improvement. Investors should watch for the finalization of the GE F414 engine commercial proposal over the next two months, progress on resolving flight-control issues in the LUH by December 2026, and the LCA Mk2 prototype rollout around March 2027.

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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 THERMAX and GOKEX. 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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