Black
Box Limited (NSE: BBOX | BSE: 500463), a global digital infrastructure
provider, delivered a strong financial performance in FY 2024–25. Despite a
strategic exit from low-margin accounts and delayed client decisions, the
company achieved:
- Revenue:
₹5,967
crore (↓5%
YoY)
- EBITDA:
₹531
crore (↑24%
YoY)
- EBITDA Margin:
8.9% (↑210 bps YoY)
- Net Profit
(PAT): ₹205
crore (↑49%
YoY)
- PAT Margin:
3.4% (↑120 bps YoY) [Black
Box...0 cr in Q4]
In
Q4 FY25, Black Box posted:
- Revenue:
₹1,545
crore (↑4%
YoY)
- EBITDA:
₹147
crore (↑21%
YoY)
- PAT:
₹60
crore (↑48%
YoY)
- PAT Margin:
3.9% [Black
Box...0 cr in Q4]
The
company’s order book crossed ₹3,900
crore, with major wins in AI-driven data centers, cybersecurity, and telecom integration.
Black Box is well-positioned to capitalize on the global surge in digital
infrastructure demand, especially from hyperscalers and AI adoption.
2) RBL bank : Invest in RBL bank above 280 for target of 375
Navigating Growth Amidst Challenges
Summary : RBL Bank Ltd., one of India’s fastest-growing scheduled commercial banks, has demonstrated resilience and strategic agility in a dynamic financial landscape. Founded in 1943 and headquartered in Mumbai, the bank operates across Corporate/Wholesale Banking, Retail Banking, Treasury, and Other Banking Operations.
Financial Highlights
As of Q1 FY26, RBL Bank
reported:
- Net Interest Income: ₹1,481 crore
- Other Income: ₹1,069 crore (33% YoY growth)
- Net Profit: ₹200 crore
- Net Interest Margin: 4.50%
- Return on Assets (RoA): 0.56%
- Return on Equity (RoE): 5.11%
- Advances: ₹94,431 crore (9% YoY growth)
- Deposits: ₹1,12,734 crore (11% YoY growth)
- GNPA: 2.78%, NNPA: 0.45%, PCR: 84.03%
Strategic Developments
RBL Bank continues to strengthen its retail banking leadership and
expand its footprint. Recent initiatives include:
- Launch of RBL Shiksha Scholarship Program to empower undergraduate students.
- Partnership with CAMS for merchant acquiring settlement services.
- Commitment to workforce diversity by pledging representation for ex-armed forces personnel.
- Plans to triple retail loans to ₹6,000 crore by FY26 and expand branch network to 770
by FY28.
Stock Performance : As of September 12, 2025, RBL Bank’s stock traded at ₹272.60 with a market capitalization of ₹167,109 crore. The stock has shown a 52-week range of ₹146.10 to ₹279.00 and maintains a PE ratio of 28.27. The bank announced a dividend of ₹1.0 per share with a yield of 0.37%.
3) Ashapura Minechem Ltd. : Invest above 610 for target of 850
Strengthening India's Mineral Backbone
Ashapura Minechem Ltd., a leading Indian industrial minerals company,
has shown impressive financial growth and strategic expansion. With a diverse
portfolio including bentonite, bauxite, and kaolin, the company reported a 122%
quarterly revenue increase, reaching ₹1,361 crore, and a profit of ₹109
crore in Q1 FY26.
Financial Highlights
- Total income: ₹1,361.52 crore (122.71% increase from previous quarter)
- Profit after tax: ₹109.86 crore
- Earnings per share (EPS): ₹11.50
- Operating profit to interest ratio: 5.89x
- Debt-equity ratio: 0.94x
- Market capitalization: ₹5,839 crore
- Return on equity (ROE): 16.59% to 30.85% over past five years
- Stock price (as of Sep 9, 2025): ₹611.30
- 52-week high: ₹627.20
- Dividend: ₹1.0 per share (record date: Sep 17, 2025)
Strategic Developments : Ashapura Minechem’s overseas subsidiary signed a long-term Memorandum of Understanding (MoU) with China Railway to develop bauxite assets in Guinea. This strategic move enhances its global supply chain and positions the company to meet rising demand for aluminium-grade bauxite.
Outlook : With strong fundamentals, a diversified product base, and expanding international partnerships, Ashapura Minechem Ltd. is poised to play a pivotal role in India's mineral export growth and attract further global investment.
4) PGINVIT : Invest for target of 110
Powering India's Transmission Future
Summary : PGInvIT (PowerGrid Infrastructure Investment Trust), India's first CPSE-sponsored InvIT, has emerged as a dependable infrastructure investment platform. Backed by POWERGRID, a Maharatna CPSE, PGInvIT owns and operates five Inter-State Transmission System (ISTS) assets under long-term contracts, ensuring predictable cash flows and minimal regulatory risk.
Financial Highlights
- Total consolidated income for FY 2024-25: ₹13,051 million
- Net distributable cash flow: ₹10,810 million
- Distribution achieved: ₹12 per unit
- Net debt to AUM: 5.52%
- Operating expenses to total income: 6.79%
- Availability across assets: Above 99.7%
Strategic Developments : PGInvIT continues to expand its portfolio by acquiring the remaining 26% equity stake in four SPVs from its sponsor. It is actively exploring partnerships with state governments and private transmission service providers. The trust benefits from availability-linked tariffs and low leverage, enabling future acquisitions and stable returns.
Sustainability and Governance : PGInvIT integrates ESG practices through its Project Manager, focusing on energy efficiency and stakeholder engagement. It contributed ₹6.75 crore towards CSR in FY 2024-25, equipping 14 primary health centres with medical equipment. Its governance framework aligns with SEBI InvIT regulations, ensuring transparency and investor protection.
Outlook : With India's electricity demand projected to reach 335 GW by FY 2029-30, PGInvIT is well-positioned to capitalize on transmission infrastructure expansion. Its strong credit profile and access to low-cost capital make it a key player in India's energy transition.
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