Choice International Order, Refex Industries Allotment of Shares And Dhabriya Polywood Order

Choice International Ltd.

Recent filing: (ORDER) Choice International has secured a project worth INR 520 Cr for the development of a solar plant for Jodhpur Vidyut Vitran Nigam Ltd in Joint Venture with Solar91 Cleantech. The project entails setting up a 34.72 MW (AC) solar plant during an implementation period of 12 months, with a 25-year operation and maintenance period.

SUMMARY: 5y Operating Profit uptrend | 2q Operating profit uptrend | PE 47.8x (Sector PE range 20-50) | Excellent Dec-23 results | Promoter buying | Geographical expansion | Strategic collaborations | Large Order

  • Mcap of INR 5,751 Crore (share price = INR 288 / share) (as on 2nd Apr ’24)
  • TTM PE 47.8x (as on 2nd Apr ’24) Retail float = 3.2% (Feb-24)

FOOD FOR THOUGHT: Risk of timing of receivables from govt. bodies

What are the products and services of Choice International?

Incorporated in 1992, Choice group provides tech-led financial services. It finds its legacy in resolving financial problems and bridging gaps for individuals, institutions, and governments. It is an integrated and diversified financial services group.

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Refex Industries Ltd.

Recent filing: (ALLOTMENT OF SHARES) BoD of Refex Industries approved the allotment of 50L shares to Sherisha Technologies (Promoter Body Corporate) at INR 125/share, aggregating INR 62.5 Cr.

SUMMARY: 2y Operating Profit uptrend | PE 13.6x (Sector PE range NA) | Business expansion (EV Leasing) | Fund raise | Promoter buying | EV Leasing

  • Mcap of INR 1,574 Crore (share price = INR 142 / share) (as on 2nd Apr ’24)
  • TTM PE 13.6x (as on 2nd Apr ’24) Retail float = 29.5% (Dec-23)

FOOD FOR THOUGHT: Intensive working capital cycle | Intense competition | Presence of high counterparty risk in the revenue profile

What are the products and services of Refex Industries?

Refex Industries is the first mover in the Refrigerant Gas Vertical. It has an expertise in manufacturing & refilling of refrigerant gases replacing chloro-fluoro-carbons. It recently incorporated a wholly owned subsidiary in the name of ‘Refex Green Mobility’. ‘Refex eVeelz’ is the brand under which the subsidiary operates. Refex eVeelz is one of India’s all-electric 4-wheeler fleet, providing an eco-friendly and environmentally conscious transport solution to corporate employees and other commuters. It offers 100% EV fleet, drivers, infrastructure, and technology. Company is also into the space offering services to power plant like handling and disposal of Fly Ash, Round the clock services for coal yard management, crushing of uncrushed coal and Coal trading to power plants.

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Dhabriya Polywood Ltd.

Recent filing: (ORDER) Dhabriya Polywood has received work orders aggregating to INR 9.3 Cr from M3M Group and Radiance Realty Group for the supply and installation of wardrobes and Upvc windows. These projects are to be delivered by December 2024 and March 2025, respectively.

SUMMARY: 3y Operating Profit uptrend | 5q Operating Profit uptrend | PE 22.7x (Sector PE range 30-60) | Ace Investor

  • Mcap of INR 306 Crore (share price = INR 283 / share) (as on 2nd Apr ’24)
  • TTM PE of 22.7x (as on 2nd Apr ’24) Retail float = 10.8% (Dec-23)

FOOD FOR THOUGHT: Exposure to real estate | Some ace investors (Mukul Agrawal, Maven India Fund) have reduced stake, although Ashish Kacholia has bought decent stake from Promoter

What are the products and services of Dhabriya Polywood?

Incorporated in 1992, Company’s product portfolio includes Doors & Furniture, Wall paneling, False Ceilings, UPVC Doors/Windows, Marble Sheets, Modular Kitchen and Wardrobes. It has a strong reputation in building interior and exterior applications. Company has 7 registered trademarks in various product and 15 Design Patent.

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