Sensex Off 400 Points From Day's High, Nifty Near 23,750; Realty, Metal & Oil & Gas Drag | CNBC TV18

Added: 2026-05-15

[00:00:03]Good afternoon. Welcome to Midcap Radar.

[00:00:05]We are coming to you live from the CNBC TV18 Motilal Oswal studio. I'm Sonam Butra. With me as always Vivek Iyer.

[00:00:11]Continues to be a very volatile market.

[00:00:13]We did start in the green, came off sharply from the highs, then there was another attempt to recovery. So, we were above the 23,800 mark. We came off from those levels, but now comfortably above the 23,750 mark as well. 23,800 is an important level that has been a resistance for the longest time. Let's see which way things go, but yay, it's Friday. Good afternoon, Sonam. You're absolutely right. It's Friday. Solace especially given the thick earning season that we are currently in the midst of. A lot lined up on the show today amidst what's [music] been a very volatile market like you just mentioned.

[00:00:44]So, let's start off with the top headlines. Large caps hold steady, but mid caps trade soft as the Trump summit brings little cheer. Almost fail block.

[00:00:52]IT and healthcare eke out gains while metals and industrials strike.

[00:00:58]Muthoot Finance is under pressure despite delivering strong growth momentum in the fourth quarter. The management guides for 1% AUM growth, but also highlights an exodus in small ticket customers and flags challenging funding conditions as borrowing costs rise.

[00:01:11]Dilip Buildcon slips over 4% after reporting a 64% drop in Q4 profit as weaker revenue and margin pressures weigh in on the performance. The company says its business has transitioned from being a road EPC heavy player to a more balanced infrastructure and mining platform.

[00:01:27]Sharda Crop surges after strong quarter turning profitable YOY. Margins expand by nearly 500 basis points. Management tells CNBC TV18 that it is targeting another 100 to 120 basis points of margin expansion annually over the next 2 years and growth guidance remains at 27.30%.

[00:01:45]Gaming company Nazara Technologies fires up in trade as 4.9% equity exchanges hands via block deals. Sources suggest Nikhil Kamath and Exxaro Estates are the likely buyers in today's block deal.

[00:02:04]Okay, those are the top headlines that we are tracking. It's largely a stock specific market because on the headline index it continues to be very volatile.

[00:02:11]The mid-cap index has turned into the green and we are getting a lot of mid-cap earnings as well. Thangamayil Jewellery, that stock is up 6% as we speak. The net profit has surged 143 crore rupees versus 30 crore rupees. The revenues are higher as well, but a lot has changed since that quarter as well, right? The import duty hike that has come by and yesterday in advance authorization there were some caps and compliance increases as well. A while back Solara Active Pharma reported numbers, that stock also surged by 8 to 9%. So very stock specific in terms of moves on the stock. Okay, 13% now. It's a good and strong reaction to some of the earnings we are seeing. That's right. Very strong reaction. Solara Active Pharma up almost 13% especially when you're looking at some of the mid-cap names and the reactions there are extremely volatile post the results. It will be important to see what the management commentary is and whether these gains can sustain. But these names and a whole host of other stocks is what to partner has on a radar. This is our special segment mid-cap movers. We're partner standing by the wall with all the top movers of the session.

[00:03:11]Well, first up let us look at the top gainers today. First up is Nazara Tech certainly on the back of that block deal followed by Bharat Cooking Coal which is up nearly about 9%. It is one of the key volume buzzers and the volumes are higher by almost seven times versus the average of one week. Skipper Limited also in focus on back of that order win of nearly about 1200 crores. The stock has cooled off a bit, but when the order was announced one hour prior the stock saw a sharp jump up. Next up is Chambal Fertilizers, another volume buzzers, volumes up more than seven times one week average. So certainly up nearly about 7% and lastly is Atul Auto up nearly about 5% in today's trading session. Now let us focus on some of the key stocks on the back of its Q4 reactions that are seeing a lot of reactions for be it positive or negative. First up is Pearl Global Industries reported a strong set of numbers up more than 10%. Next up is Shadow Facts Technologies up again more than 10%. Now, the company's revenue growth has been quite strong here more than 74% on Iran year basis. Sheila Foam also reported a strong set of numbers up nearly about 9% out there and the revenue growth here stands strong at 24%. Even the volumes have been quite good and healthy for this company.

[00:04:28]Muthoot Finance down taking a knock of nearly about 6% there.

[00:04:33]And lastly coming to Precol which is up nearly about 8% on the back of its Q4 numbers. Now, on the flip side let us look at some of the key losers in today's trading session. Data pattern certainly in focus on back of its Q4 that it has missed the Q4 earning estimate this revenue has declined by nearly about 13%. Next up is MTAR Tech, Ideaforge and DCX System. All these defense stocks taking a knock today down nearly about 2 to 5%. And lastly let us look at some of the mid-cap losers RR Kabel down nearly about 4%, Texmaco Rail and Zaggel Prepared down nearly about 4%.

[00:05:12]Take that point. Thank you so much for that list. Actually names are getting added to that one considering that we are continuously uh getting earnings reported. But let's get going with an earnings conversation now. We have the management of Sandesh Pharma joining us on the show. The company reported a 53% uptick in revenue while profit more than doubled on a YOY basis. Uh to discuss this and more let's welcome Swapnil Shah the MD of the company on the show. Uh Mr. Shah good afternoon. Thank you so much for joining in. Uh on a YOY basis the revenue looks strong so does the EBITDA. Uh but on a quarter on quarter basis margins and EBITDA have seen a sharp drop. What explains this and what is the steady state of margins that you are targeting for FY27?

[00:05:54]Yeah, hi. Good afternoon. So, yeah, thank you for having me over on your show. So, this particular quarter, you know, we acquired a manufacturing site at in month of December. So, this first quarter, probably that little softness of few hundred basis points on our EBITDA margin is attributed to a site that I that we have acquired in December that you see it on our first quarter financial calendar year first quarter on that one. So, I think steady state margin we will get back to about a 29 to 31% EBITDA, which we already always guided and we've delivered over last few quarters. I think that should be we becoming in as we ramp up on the up not in next few quarters as we speak.

[00:06:40]Okay.

[00:06:40]So, when you're talking about FY26, a 50% top line growth, 100% growth is what you've guided for and what is it that you've achieved? Now, when it comes to FY27, can you give us guidance for all of the three parameters? Top line, EBITDA margin you've given us a range and the profitability, what is it that we should hope for? Can the pace of growth continue?

[00:07:01]Yeah, so certainly I think we are working towards having similar growth trajectory for our company. As far as guidance is concerned, I think we are we are comfortable saying it anywhere between 30 to 40% on the revenue side growth that you can expect corresponding to about 50 to 60% on the bad growth.

[00:07:19]A lot of filings, lot of approvals, there are about 30 odd ANDAs going to be approved in next they are already approved, it's going to be launched in next six to eight quarters. So, a lot of things are happening over and above.

[00:07:30]There is a good CDMO CMO pipeline and our emerging market business is also showing a quite strong traction over last few quarters and which will continue as we speak in next couple next few quarters as well. Mhm. Okay. Uh you know, while your P&L growth has been strong, you've achieved your FY26 guidance, FY27 looks strong as well.

[00:07:51]Your receivable days have jumped from 114 to 187.

[00:07:55]What explains this? Is this a deliberate credit extension that you're seeing? Is it a collections problem?

[00:08:00]Uh what is the outlook on receivable days? Of course, your overall working capital is flat on a YOY basis.

[00:08:06]No, so it's it's again a matter of consolidation of Apnar Pharmaceuticals Limited, right? So, uh because there were all uh the some of those receivables and payables that were that were hanging there. So, it's just a matter of consolidation. It's just if you take the Apnar out, we are back to what the numbers were before, right? So, I think we'll get back to uh the same numbers in in a quarter or two as everything gets gets streamlined at our at our Apnar facility, Apnar vertical, as we speak. So, you're saying you'll get you'll get back to 114 in terms of receivables in a quarter or two or by the end of this year?

[00:08:43]Um in in in about a couple of quarters, I would say. Okay, so not in FY27 for now. Yes.

[00:08:50]Okay.

[00:08:51]Swapnil, give us a sense of the business as well. You know, what is the number of CGT products, which is the common generic therapeutic products in the pipeline? We understand you do enjoy a 6-month exclusivity if you do get approvals. What is the pipeline over there? So, and what can be the incremental contribution from those products?

[00:09:07]Yeah, so our business is largely uh from the US point standpoint. We are in the specialty generics business in the US, right? So, specialty generics branded business as we call it, uh which is very different from a typical generic business that a lot of our Indian uh Indian companies are involved in, right? So, you have your medical representative reps selling our products directly to uh to the doctor clinics and so on and so forth, right? So, the business that we are in very different from the typical generic that exists today uh for a lot of Indian companies.

[00:09:40]As far as CGT is concerned, I think quite a bit of our portfolio maybe more than 20-25 products that we have which will probably qualify under CGT portfolio. But more than CGT, I think the bigger play is the branded play that we are currently playing in the US and and along with our government subsidiary and other businesses that that we have set up over last couple of quarters which will continue to drive the growth and get to a number that we we need to be in next couple of quarters and going forward for next few years.

[00:10:10]Okay.

[00:10:11]Tell us give us a sense of what has been the growth across different markets.

[00:10:15]What are you targeting? The majority of this growth that you're talking about, where will it come from? Any new launches that you've planned?

[00:10:22]So we have as you know we have 51 approved ANDAs as we speak today out of which 30 odd ANDAs will be launched in next 6 to 8 quarters. So again these are all approved. So there is no timeline lag as we speak, right? It's just a matter of time these are going to be approved and going to be launched in the marketplace. Already approved launched in the marketplace. So that will significantly drive our growth from 20 odd products that we have to 50 odd products that we see to be launched in next 6 to 8 quarters. So that's a significant amount of growth that will happen. Our subsidiary on the on the veterinary government play that is already been there. We are going to launch a lot of products through our subsidiary. We already won couple of national contracts. The those contracts are 5 years fixed volume fixed price that will again going to continue our revenue growth.

[00:11:08]On our Zoraya platform which is we have set up largely to launch our acquisition portfolio. That is going to be up and running from September onwards. That will going to drive further growth. On the emerging market we have about 500 approved registration. We have more than 4,000 registrations that are going to be approved in next 2 to 3 years. Again that is going to drive our growth. So growth if you see it's it's across the board. It's it's it's more diverse than than typically what it was in probably the last couple of years that we have seen.

[00:11:39]Branded generic business in India, that's also showing about 300 plus percent 350 percent plus growth over last year to this year, which will again continue to drive this year onwards. So, across the board, if you see it's it's a very secular growth all in all.

[00:11:55]You know, as as as we look at it as a company, you know. Okay, well, thank you so much Neil and we'd love to have you back on the show discuss more on some of the projects some of the interesting products you're talking about especially in the branded generic space, but completely out of time in this particular interaction. Well, we'll now slip into a short break. We'll get you more on the markets and stock specific action on the other side. [music] Stay tuned.

[00:12:33]Welcome back to Midcap Adda. Well, the market continues to be quite choppy, a little bit of a cool off from the day's highest point.

[00:12:39]The small cap index has moved into the negative territory. Bank as well as midcap index have both slipped to the flat line. Well, it's a good time to welcome Somil Mehta, head retail research from Mirae Asset Share Khan for a quick technical check on the market.

[00:12:53]Good afternoon, Somil. Thank you so much for joining us. Well, markets have been quite choppy.

[00:12:57]Do you feel Nifty is now facing significant resistance around these levels? Do you see downside or do you feel this is a bit of a consolidation before the next move higher?

[00:13:08]Good afternoon. Good afternoon to everyone.

[00:13:10]My view would be sideways to a little negative, a little cautious at this point of time.

[00:13:16]The bounce we saw from 22,200 to 24,500-600 levels has very crucial resistance around those levels because there is 200 daily exponential moving average. The entire fall which we saw 20 from 26,300 to 22,200.

[00:13:32]61% retracement is around 24,700. So, there are a lot of resistance at that point of time in in that in that zone. Now, at this point of time in the very short term, there is a sideways movement and I'll be expecting more sideways correction between 24,000 and 23,000 levels.

[00:13:56]However, we'll have a lot of opportunities in sectors and stock specific action. So, now sectors like Pharma, FMCG, defense, all three are looking really good from here. In fact, even power is looking good at these levels because it has already corrected a little bit. So, yes, positive in certain sectors, but sideways to cautious on the on the on the sectors on the index. What about individual names, Somen?

[00:14:27]I have two stocks. One is HUL from the FMCG pack and HUL is looking great. It has formed a triangular pattern. I'll be expecting this triangle to break on the upside trading above the averages.

[00:14:40]Stop loss would be 2240 and target would be 2450.

[00:14:46]The second stock is Policybazaar.

[00:14:48]Policybazaar has also broken out of a small consolidation. Has taken support at 200 daily exponential moving average.

[00:14:56]Already in the short term uptrend making high tops, high bottom. Stop loss would be 1660 and target would be 1800.

[00:15:05]Well, thank you so much, Somen, for joining us, giving us a view on the markets as well as the individual trading calls. Well, moving on, Data Patterns is the stock in focus.

[00:15:13]Rhea joins in with the key details on that particular name.

[00:15:17]Well, yes, today the stock has tanked in trade today uh the strong performance.

[00:15:22]For quarter four the revenue did miss uh the estimates that the street was working with, which is what has likely led to the fall uh in the stock early in the trading session. The revenue has declined around 13% for quarter four versus estimates of 4.4% growth for the revenue front, but the EBITDA and net profit have both been in line uh with estimates and in fact the margins have gone up to around 56% uh in this quarter, up over 1,800 basis points compared to the previous year. And this time around the material cost has declined significantly, which is 27% of sales versus around 20 or 51% of uh sales in quarter four of FY25. So, that has aided the profitability for the company this time uh this time around.

[00:16:00]Even if you look at the full year performance, that has also been very strong. The revenue has gone up by 31% above the guidance of 20 to 25% growth, but slightly below the 38% uh street estimate uh and the EBITDA and net profit have both been in line with the estimates that uh the street was working with. Margins have also expanded to 40% for the full year versus around 37% for FY25. The order book is also quite strong at around 926 crores. And uh today in the earnings call the company has said that they are expecting to receive around uh 1,100 odd crores of orders within the next one to two months, for which the negotiations have already been completed. And apart from this, they are expecting a further order inflow of around 1,500 to 2,000 crores in FY27. So, they will be ending the year with a very strong order book. And on the execution front, the management has commented uh saying that there has been no delay uh in their orders and the contracts are being executed as per uh the customer requirements. So, there is no execution concern for the company as of now. And for FY27, they have said that they will be maintaining a revenue growth rate of 25 to 30% and also EBITDA margins at around 35 to 40% for the full year. So, the commentary remains quite positive uh for the stock.

[00:17:08]Uh the stock has recovered off the day's lows off around 11%. Still down around 4% at this point in time, but very uh sharp recovery seen uh right after the earnings call. And in the last 6 months as well the stock is up nearly 50% and currently it trades at a PE of around 54 times to its FY27 estimated earnings versus its 2-year historical average of around 51 times. Okay, very comprehensive. Thank you so much Arya for joining us and explaining what is happening with data patterns. Voltas is the other stock on our radar. Upasna is joining us with the key takeaways from the conference call and the earnings fine print as well. Upasna.

[00:17:42]Well, certainly it was a weak number.

[00:17:44]Now, if you look at the key drag this quarter is what the was the weak UCP margin performance that the company has reported. Overall, the revenue largely stood in line, but the pattern EBITDA was below our poll. Now, revenue saw a growth of about 3% on year-on-year basis, which was largely in line. EBITDA margins took a hit of nearly about 250 basis points at 4 and 1/2%. This was mainly dragged by the two segments of the company, that is UCP and engineering services. Now, company says that the margins were impacted mainly because increase in the commodity cost and even the currency depreciation that we saw in the last few quarters. Now, PAT has also seen a downtick of 51% overall. Now, if we compare the UCP segment of Voltas and Blue Star, both of them in Q4 have reported a revenue growth of just about 1%, but if we look at the margins, Voltas UCP margins are down 449 bps at just about 5%, which is much worse than what the Kotak was estimating nearly about 8% was the estimate and Blue Star margins have seen an uptick of 200 basis points at 10.4% this quarter. Now, if you look at the con call highlights, the company remains quite optimistic about the summer demand. The company has said that the overall this FY26 summer was better than the last year on the back of strong sales that the company has seen in April and May. And in terms of price hikes, the company has taken a price hike of nearly about 9 to 12% in Q4 overall and in the back of the rising commodity cost and pressures, it expects a further price hike as well. Now, moving on towards what the brokerages have to say.

[00:19:19]Now, City has given a buy call with a target price cut to 1550 from 1900.

[00:19:24]Kotak has given a sell call with a target price of 1025, and HSBC has given a buy call with a target price of 1500.

[00:19:32]Well, thank you so much, Upasana, for joining in giving us a comprehensive view of the results or what the management had to say in the conference call and what brokerages have made of the trigger tools of Voltas. Well, we'll now step into short break. We'll get him on the markets and stock specific action on the other side. Stay tuned.

[00:20:00]Welcome back. You're [music] still tuned into Midcap Radar. Brookfield's Ankur Gupta sees the current volatility as an opportunity and expects to accelerate investments and not slow down on that.

[00:20:09]He's also optimistic of getting the $100 billion AUM target ahead of the 2030 target timeline. Here is a slice of that conversation with Shereen Bhan.

[00:20:18]>> [clears throat] >> If you look at on a daily basis, everything seems always a little bit volatile. Yeah. But if you look at the trajectory in which economies, certainly the economies that you mentioned from West Asia all the way to Far East, have moved in the last several years.

[00:20:34]You've had creation of a top five global economy in India. At the same time, infrastructure or hard asset creation is lagging the West. Mhm. So, if you compare the West versus the East, on a long-term basis, we are still underdeveloped and high growth. That is a perfect storm for any duration of capital to be focused on and to actually use opportunities like volatile markets of today to create large long-term businesses. So, very excited about what's happening to the region on on on a long-term basis, on a mid term basis, and on the short term basis, some amazing opportunities coming our way.

[00:21:14]So, is the 100 billion by 2030 on track, on target?

[00:21:18]>> hasn't changed for us.

[00:21:19]That hasn't changed for us. In fact, we might be doing it uh much sooner. Well, by by when do you now get to 100 billion? What does by much sooner mean?

[00:21:27]>> We said 5 years last year. So, 5 years from last year is 2030, but you know, compounding effect of our business is is is amazing. Again, think about which country in the world today offers the compounding at the rate India does.

[00:21:39]And multi-sector story. India has a financial services story. India has a consumer story. India has a construction story. India has a India has a technology story, services story. India is India is many sectors put together.

[00:21:50]Mhm. Many other large countries have only one or two sectors coming their way. Yes, we can do a lot more in in deep tech. We will do a lot more in in AI as a country.

[00:22:00]>> Mhm.

[00:22:01]Uh but the infrastructure build out of that uh is something that investors like ours will play. I'll I'll I'll I'll answer your question on FIIs.

[00:22:08]>> Yeah. Look, FIIs are trading in stocks. So, they will obviously, because the barriers to FII movement are very limited as as they should be. Our form of capital is FDI, strategic capital. We're not just investing, we are investing, we are developing, we are building, we are managing, and we are creating large businesses.

[00:22:27]And that is permanent capital. Mhm. Uh that that will always create a multiplier effect on economy in the country.

[00:22:35]Let's address the big bet that you're making in India, and that is the GCC bet. Again, there are question marks in light of AI, or what happens to to work forces in general, but specifically also what happens to these GCCs? Are you seeing any indications of a slowdown, of growth plateauing as far as GCCs are concerned? You have to differentiate between growth rate and growth, absolute growth. Absolute growth uh is on a very firm footing. And we are seeing more demand from global companies to set up I wouldn't distinguish between onshoring or offshoring. I would say global capability centers are about global delivery. Right. Uh with AI, that model actually gets much more pruned.

[00:23:19]Simply because you can you can deliver a lot seamlessly with with better technology, which is explaining why companies are today more comfortable in setting up their own centers than relying on third-party operators. So, that's a shift in the business model.

[00:23:32]The demand for quality workforce that's available from India has not slowed down. In fact, it's actually magnified. We haven't yet seen the large AI companies, the big sevens or the big uh you know, 10 from the US actually creating jobs for their AI businesses directly. Early green shoots, we we still are are heavily reliant on, you know, financial sector, uh uh large insurance companies, etc., medical medical companies, health companies, etc. It's a It's a 7 10 10 dollar economy in the you know, opportunity in the world.

[00:24:05]A large part of that will happen not just in the US, it will happen in other countries as well. So, that will all create need for capital in the infrastructure real estate space.

[00:24:15]Using that is is not just going to impact the country that the technology is based out of. It's going to impact the whole world. And India's always proven its metal.

[00:24:24]Well, a very interesting conversation there with the management of Brookfield.

[00:24:29]Very strong growth that you're witnessing in the GCC business. But that is all the time we have on this edition of With Khapreda. Your stocks when we return.