Vinay Nagori, Co-Founder, Fintegrity Financial Services
1. Privi Speciality Chemicals
Thesis: Privi is one of the world’s very few fully integrated aroma chemicals player. They supply to world’s top 15 largest fragrance companies and have a JV with Givaudan, who is the world’s largest player.
2. Kilburn Engineering
Thesis: They specialize in customized critical-to-process, specifically industrial drying systems.Due to the customization there is high switching costs.Perfect play for make in India story with sectoral tailwinds.
3. Ajmera Realty
50 year old legacy brand, with ownership of a massive, low-cost land bank in prime Mumbai micro-markets Wadala and Kanjurmarg is a huge advantage. They have a GDV potential of 46000cr from ongoing projects and future launches from own land bank.
4. Xpro India
Thesis: The completion of their new dielectric film line in barjora and Ras-Al-Khaimah very soon will more then 3x their capacity. Import substitution and thinner films will lead to significant growth in their bottom line.
5. Bharat Bijlee
Thesis: A prime beneficiary of India’s power infra spends, the company is seeing a surge in demand for transformers and industrial motors. Its debt-free status and consistent order inflows from the renewable energy transition provide long-term earnings visibility.
6. Nazara Technologies
Thesis: It remains the only listed pure-play gaming stock with a diversified global revenue base. It is a gaming platform with superb capital allocation skills of the promoter.
7. Hindustan Foods
Thesis: India’s leading FMCG contract manufacturer is scaling rapidly with a ₹750 crore capex mostly commissioned by March 2026. The shift toward higher-margin categories like ice cream and health-and-wellness projects ensures steady 25%+ profit growth.
8. Tips Music
Thesis: Boasts industry-leading EBITDA margins of 79% driven by a digital-first, catalog-heavy model with zero debt. Its conservative accounting and consistent interim dividends make it a high-quality cash-generating machine in the media space.
9. Styrenix Performance Materials
Thesis: As a dominant player in ABS and polystyrene, it benefits from the structural uptick in the Indian automotive and appliance sectors.
10. PVR INOX
Thesis: Size and scale; controlling over 1,700 screens gives them unmatched bargaining power with film studios and access to premium mall real estate.
Projections: Achieved a turnaround with ₹96 crore profit in Q3 FY26 and aims to be net debt-free by the end of March 2026.
