Fundamental Analysis (Long term)

🚢 SHIPBUILDING ANCILLARY SERIES

Company # — Rappid Valves (India) Ltd | NSE: RAPPID 299

India’s shipbuilding story isn’t only about shipyards.

The bigger opportunity may sit with critical ancillaries supplying every vessel.

🔹 Rappid manufactures industrial & marine valves

🔹 Supplies into naval, shipbuilding & repair applications

🔹 Approved/registered with multiple Indian shipyards

🔹 ClassNK marine certification adds credibility

🔹 Moving beyond valves → valve + actuator + control-panel integration

🔥 Naval trigger

Recent orders linked to the Indian Navy Fleet Support Ship programme:

BHEL

CHOLA INVST & FIN, ARUL SELVAN SAYS

Had 119 Branches & ₹1,800 Cr For Gold Loans

Already Launched 120 Exclusive Gold Loan Branches This Year

Gold Business Will Take 2-3 Years To Break Even

Gold Loans Per Branch Will Be In-line With Industry Levels

Hiring From Existing Gold Loan Players While Also Training New Talent

No Concern As Gold Is Held As Collateral And Remains An Appreciating Asset

❤1

RANA GUPTA, MANULIFE INVST MGMT SAYS

Large Cap Earnings Growth Is Lower Than Nifty Junior And Midcap Indices

Nifty Earnings CAGR Unlikely To Exceed 10-12%

HDFC Bank CEO Appointment Remains An Overhang

Avoiding Large Cap IT Stocks

Like Base Metals, Gold & Gold-linked Companies

Like Electronics Mfg Space Selectively, EMS Moving Towards Aerospace, Defence & Semicons

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GOKALDAS EXPORTS, SIVARAMAKRISHNAN GANAPATHI SAYS

US Section 301 Tariffs Of 10% Gives Us A Level Playing Field & Zero Tariffs w.r.t Kenya Is Great

In Talks With New UK Customer Amid The India-UK FTA

Eagerly Waiting For The EU Deal To Go Through

Retail Demand In US & Europe Has Been Good, Orderbook Is Full Till Q3

Too Early To Predict Demand For CY27

Expect H2 Margin To Be Better Than H1, Expect H2 Margin At 12%

❤4

Aye Finance has valuation comfort, but the large trade overhang was a key concern.

Management’s FY27 guidance

• AUM growth: 25–30%

• Credit cost: ~3.75%

• NIMs: ~14.5%

With the overhang now clearing, will the stock rerate?

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