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Exicom Tele-Systems: 50% wallbox market share

Exicom Tele-Systems (NSE: EXICOM) makes EV chargers and critical power systems for telecom and data centres. It has sold over 215,000 EV chargers globally and holds a 50% share in India’s passenger vehicle home wallbox segment. What happened: Q1 FY27 consolidated revenue rose 61.2% YoY to Rs 331.1 crore. EV charger revenue grew 49.7% to Rs 153.9 crore, accounting for 46.5% of the total. EBITDA loss narrowed to Rs 21.9 crore (-6.6% margin) from Rs 38.6 crore (-18.8%) a year ago. Net loss shrank to Rs 73.6 crore from Rs 83.1 crore in Q1 FY26. The total consolidated order book exceeded Rs 1,400 crore. Why it matters: Exicom added 15 new CPO accounts in Q1 FY27, confirmed 180-plus DC chargers for delivery by October 2026, and booked Rs 50-crore-plus in repeat orders from existing CPOs. It launched a Type-7 charger for a large two-wheeler OEM and renewed a supply agreement with a large commercial truck OEM. Exports reached 10-plus new countries across Europe, South America, South Asia and Western Asia, lifting exports to 15% of EV segment revenue from 8% a year earlier. New Hyderabad production lines are being commissioned; the AC charger run rate is set to grow 50% over three months, with AC utilisation at 100%, DC at 65% and PCBA at 90-100%. What I am watching: EBITDA breakeven management targets over the next two quarters, export order conversion from the Rs 16-17 crore pipeline, and DC charger utilisation climbing toward AC levels. My stance: Revenue growth is strong and the losses are narrowing fast. The 50% wallbox share and rising CPO repeat orders are both encouraging. Breakeven within two quarters is the inflection test. I do not hold a position in Exicom Tele-Systems at the time of writing. This is not investment advice.

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APL Apollo Tubes strong position in structural steel tubes

SWOT analysis Strengths - Market leadership: The company reported approximately 55% share of India's structural steel tube market for the first nine months of FY26. - Strong financial performance: FY26 revenue, EBITDA and PAT grew year-on-year. - Wide distribution: More than 800 distributors and over 5,000 products, according to its January 2026 presentation. Value-added products: Branded, coated, rust-resistant and specialised steel tubes can improve product differentiation. Weaknesses - Steel-price sensitivity: Changes in hot-rolled coil prices can affect inventory valuation and margins. - Capital-intensive operations: Expansion and modernisation require continuous investment. - Construction exposure: A significant portion of end-market demand is linked to housing and commercial construction; the company's FY26 application mix reported housing as the largest category. Opportunities - Infrastructure development: Roads, industrial buildings, warehouses and urban construction can support steel-tube demand. - Solar structures: Ground-mounted solar installations and rooftop projects create potential demand for structural tubes. Industry formalisation: Quality standards and pollution concerns could favour organised, compliant manufacturers over smaller unorganised producers. - Product-mix improvement: Greater penetration of specialised and higher-margin products could increase EBITDA per tonne. Threats - Raw-material volatility: Steel coil price increases or sharp reversals may pressure margins. - Competition: Other tube manufacturers and unorganised producers may compete aggressively on price. - Economic slowdown: Weakness in construction, real estate or infrastructure spending can reduce demand. - Capacity risk: Industry-wide capacity additions could increase competition and reduce profitability. - Execution risk: Expansion delays, cost overruns or slower utilisation of new capacity could reduce returns.

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India' Falls Nearly 16% in Dollar Terms — But This investor!

ndia has been one of the weaker-performing major Asian equity markets in 2026. Yet Jefferies' global equity strategist Chris Wood is maintaining an overweight position on India. The key message: despite currency weakness and a sharp relative underperformance, India's domestic growth story may still have room to recover. But this is not a call for investors to buy everything blindly. -->The Numbers Behind Chris Wood's View According to Jefferies' October 2026 Asia-Pacific strategy report: MSCI India: Down approximately 15.6% in US dollar terms year to date through September 30. Jefferies' India allocation: 12% of its Asia-Pacific ex-Japan portfolio. Benchmark India weight: Approximately 10.5%. In simple terms, Jefferies is allocating a larger share to India than its benchmark does—even after the market's underperformance. Important distinction: the 15.6% decline refers to India's equity index performance in dollar terms, not a 16% fall in the rupee itself. --->Why Is Chris Wood Still Positive on India? 1. Domestic Demand Could Recover 2. Credit Growth Remains Strong 3. Private Capex Could Pick Up 4. Earnings Growth Could Improve --->Which Sectors and Stocks Could Benefit? 1. Banking & Financials-

/ SBIN / AXISBANK/ ICICIBANK 2. Energy & Large-Cap Conglomerates- NTPC / JSWENERGY 3. Telecom-Bharti Airtel / INDUSTOWER / RELIANCE ---->Bottom Line India's market has fallen sharply in dollar terms, but Jefferies still sees reasons to remain overweight. Strong credit growth, a possible private-capex recovery and improving earnings expectations form the core of Chris Wood's argument.

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Suzlon Energy outlines FY31 plan with 15 GW orderbook goal

Suzlon Energy Ltd (

) is targeting a 15 GW order book and 10 GW annual renewable energy sales by FY31. The company currently has a 6+ GW order book, a 22 GW installed wind base across 17 countries, and about 28% share of India’s wind market. What matters most is not the headline target, but execution. Suzlon’s long-term plan involves moving beyond wind turbine manufacturing into a broader renewable energy platform covering wind, solar, battery storage and asset management. If executed well, this could diversify revenue streams and increase the share of recurring, annuity-like income. The market already has evidence of strong demand. Suzlon reported its highest-ever first-quarter deliveries of 506 MW, up 14% year-on-year, while revenue grew 23% in Q1FY27. However, the headline growth came with a warning sign. Net profit declined and margins contracted despite higher deliveries. That is the key issue investors should track. A large order book alone does not create shareholder value unless projects are delivered on time and at healthy margins. Faster execution improves capacity utilisation and cash generation. Delays or pricing pressure can offset the benefits of volume growth. The broader industry backdrop remains favourable as India continues to expand renewable-energy capacity and hybrid wind-solar projects gain traction. Repowering older wind assets could also create additional demand over time. Valuation has also reset after the stock corrected from its 52-week high of ₹61.5 to around ₹38.6, bringing the reported P/E multiple down to 16.9x. View: Suzlon’s opportunity is sizeable, but the next phase of value creation depends on execution quality, margin stability and conversion of its order book into profitable cash flows. Disclosure: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

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Suzlon Energy outlines FY31 roadmap with 10 GW target

Suzlon Energy Limited (

) has laid out its FY31 growth roadmap, targeting 10 GW annual renewable energy sales and a 15 GW order book. The company currently has a 6+ GW order book and holds a 28% market share in India's wind energy market. What matters most is not the headline targets, but execution. Suzlon's order book provides visibility, yet investor returns will depend on how efficiently those orders convert into revenue, cash flow and profits. Faster execution can improve capacity utilisation and earnings, while delays can impact working capital and profitability. The company is also repositioning itself from a wind turbine manufacturer to a broader renewable energy solutions provider. Its FY31 plan includes scaling asset under management to 70 GW, growing exports, and expanding across wind, solar, battery storage and energy management services. If successful, this could diversify revenue streams and reduce dependence on a single business segment. However, the latest operating performance highlights an important risk. In Q1FY27, revenue rose 23%, and the company reported record deliveries of 506 MW, but margins contracted and net profit declined. This suggests that volume growth alone may not be enough if profitability comes under pressure. Another factor often missed is valuation. After a significant correction from its 52-week high of ₹61.5 to around ₹38.6, the stock's valuation has moderated to about 16.9 times earnings, though its price-to-book ratio remains relatively elevated at 5.6. The renewable energy opportunity remains large, supported by India's clean-energy push, hybrid projects and wind repowering. View: Positive industry tailwinds support the long-term story, but sustained stock performance will depend on execution quality and profit growth, not order-book size alone. Disclosure: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

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Share India boosts growth with ₹200 Cr warrants

Latest updates: Share India Securities recently completed early redemption of its non‑convertible debentures (NCDs), approved a ₹200 crore convertible warrant issue, and acquired Enshrine Leasing for ₹39.7 crore. The company also declared a final dividend of ₹0.50 per share for FY26 and appointed Rajesh Arora as an independent director. 📊 Key Recent Developments in Share India Securities 1. Capital & Debt Actions Full redemption of NCDs (Series A & B) completed on 30 September 2026, ahead of maturity, including accrued interest. Partial redemption of NCDs earlier in September reduced face values of Series A and Second Issue NCDs. Convertible warrant issue: Board approved preferential issue of up to ₹200 crore, with ₹120 crore earmarked for a new wealth management subsidiary. 2. Corporate Governance Dividend: Shareholders approved a final dividend of ₹0.50 per equity share for FY26. Director appointments: Rajesh Arora appointed as Independent Director (DIN: 00341999) effective 24 September 2026. Re‑appointments of Parveen Gupta and Sachin Gupta for five‑year terms starting July 2027. 3. Expansion & Acquisitions Acquisition of Enshrine Leasing and Infotech Pvt. Ltd. for ₹39.71 crore (100% equity stake). Effective 17 September 2026, making it a wholly owned subsidiary. New subsidiary incorporation approved by the board to expand into wealth management services. 4. Regulatory & Compliance MWPL violation penalty: Paid ₹1 lakh for breach of market‑wide position limits. Trading window closure: Effective 1 October 2026 until 48 hours after Q2 FY27 results declaration. Credit rating disclosure filed on 29 September 2026 under SEBI LODR regulations. 📌 What This Means for Investors Debt reduction: Early redemption of NCDs strengthens the balance sheet and reduces interest burden. Growth push: Convertible warrants and new subsidiaries indicate aggressive expansion in wealth management.

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