20 Smallcaps for Research – Low to High PE with Growth Themes Stock-Specific Impact: Research watchlist spanning PE 16-110x with strong order books, EV/defence tailwinds Update Summary Curated list of 20 smallcaps highlighting attractive PE multiples and growth catalysts. Focus on export orders, EV components, defence/rail, EMS, and massive order books. Not buy/sell calls – for long-term research. Key Business Details Low PE Leaders (16-30x) - Ashapura Minechem (PE 16.3): Export orders rising - SKM Egg (PE 19.3) - Banco Products (PE 24.7) - Indraprastha Medical (PE 24.8) - Fiem Industries (PE 26.4): EV lighting - Parag Milk Foods (PE 28.1) Mid PE Growth (31-50x) - Belrise Industries (PE 31.5): Auto ancillary - HBL Engineering (PE 33.9): Defence + Rail - Gravita India (PE 36.5) - CCL Products (PE 37.5): Coffee contracts - Pricol (PE 38.6): EV cockpit systems - Yatharth Hospital (PE 43.4) - Lumax Auto Tech (PE 49.1): Data center pipeline - Jain Resource Recycling (PE 50) High PE Order Book Plays (52x+) - TD Power Systems (PE 52.3): ₹1,468cr OB - Atlanta Electricals (PE ~55): ₹2,070cr OB - Syrma SGS (PE 62.4): EMS + AI infra - KRN Heat Exchanger (PE 82.4): ₹1,000cr backlog - Transrail Lighting (PE ~18): ₹17,800cr OB - Apollo Micro Systems (PE 110): DRDO orders Impact on Company Strong order visibility in defence, rail, EV, EMS. Export tailwinds for minechem/CCL. Healthcare steady growth. Massive OB in electricals/power (Transrail ₹17.8k cr standout). PE spread reflects execution risk vs growth potential. Key Takeaway Gold research list for smallcap learners – low PE exports to high PE order book monsters across EV, defence, EMS, healthcare. Wide PE range offers entry points based on risk appetite and conviction.