MIT Engineers @MitEngineers

Bosch Home Comfort India OFS opens for retail investors tomorrow. Many investors know the company through the Hitachi AC brand, but the business is much broader: • Residential Air Conditioners • Commercial HVAC solutions • VRF Systems • Chillers • Industrial & Telecom Cooling Solutions The bigger development is the change in ownership. The company is now part of Bosch's global climate solutions business, potentially giving it access to technology, product development and a stronger global ecosystem. India remains one of the world's most underpenetrated AC markets, while demand drivers such as rising temperatures, urbanization, commercial real estate, hospitals, hotels and data centers continue to expand. Key questions for investors: • Can Bosch accelerate growth in India? • Can commercial HVAC become a larger profit driver? • Is the current valuation pricing in these opportunities? Tracking the OFS with interest. Not a recommendation. Please read the offer documents and do your own research.

Freshara Agro – Looks like it's trying to break out of the ₹197–230 consolidation range. The next few sessions could determine whether this is a genuine trend change or another range-bound move. • TeamTech – Anchor lock-in ends on Sunday. Such events can sometimes create volatility as the market assesses anchor investors' next move. In SMEs, liquidity, sentiment, and shareholding developments can be just as important as quarterly numbers. ⚠️ For informational purposes only. Not a buy/sell recommendation. Do your own due diligence.

Team Tech 👀 Circuit filter expands from 5% to 20% from today. Interesting timing: the company issued an order-win notification on the eve of the change. Markets love a good coincidence. Freshara Agro continues to trade in the ₹197–₹230 range. A breakout with strong volumes is now the key level to watch. Meanwhile, NLC OFS opens for retail today at a cut-off price of ₹323.10. Disclosure: Personal holding. Not SEBI registered. Not a recommendation.

NLC India: The stock is now trading above the OFS price. A small lesson from NLC India: many investors sold in panic without fully understanding the company's fundamentals or how the OFS process works. Short-term price reactions often create noise, but value is ultimately determined by business performance. Disclosure: Invested. Views are personal and not investment advice.

NLC India OFS: A Case Study in Market Psychology Day 1 (For Non- Retail) Floor price: ₹303 Market price: ~₹326 Many investors sold shares expecting OFS allotment near ₹310 range. Nearly 2.5 crore shares traded at an average price of ~₹326.33. for price arbritage Then came the surprise. The discovered OFS price wasn't near ₹310 but It was ₹323.10. This suggests bidding remained aggressive, likely from a mix of HNIs, arbitrage funds and institutions seeking meaningful allocation. After successful OFS transactions in Coal India and NHPC, many smaller HNIs also appeared attracted by the perceived arbitrage opportunity. An important difference was that NLC India is not in the F&O segment, limiting hedging options available to participants. This may have increased risk for investors pursuing short-term OFS arbitrage strategies. Day 2 (For Retail) The stock declined from around ₹326 to nearly ₹308. Panic spread among short-term and leveraged participants. More than 3 crore shares traded during the decline. The interesting question is: If weaker hands were exiting, who was absorbing such large volumes? One possible interpretation is that stronger hands used the correction to accumulate shares while retail participation faded as the market price moved below expectations formed around the OFS process. A possible by-product of this price action was that retail investors became less interested in bidding, as the market price moved below the effective retail economics of the OFS. Reduced retail participation, if it occurred, could potentially leave a larger portion of available shares to be allocated among non-retail categories under the OFS framework. Markets often move not where the crowd expects, but where they create the maximum discomfort for the maximum number of participants. Disclaimer: This post is a personal interpretation of publicly available price, volume and OFS data. It contains opinions, hypotheses and market observations only. References to "stronger hands" and "weaker hands" are market expressions and do not imply coordinated action by any participant. This is not an allegation of manipulation, collusion, insider trading or wrongdoing by any individual, institution, intermediary or regulator. Investors should conduct their own due diligence before making investment decisions. For graphical understanding. #NLCINDIA OFS

Good news for those who applied in the BOSCH HOME COMFORT INDIA OFS. Non-retail cut-off reportedly discovered at ₹1,377. Applied at ₹1,381 and the stock is already trading above the OFS discovery price. A positive start, though listing-day gains don't guarantee future returns. NLC India investors have also seen the stock move above the OFS floor price, showing that well-priced government divestments can still create value for participants. #OFS #BoschHomeComfort #NLCIndia Disclosure: Invested. Views are personal and not investment advice.

Demographics vs Organization: Reading the Kota Signal Many people focused on Rahul Gandhi speaking in English in Kota. I think they are focusing on the language and missing the strategy. Political preferences of older generations are often deeply entrenched. It is difficult to change decades-old voting habits. The easier political battleground is the youth vote. And Kota is not just another city. It is India's largest student hub, full of aspirational young people preparing for competitive exams and careers. English wasn't necessarily about rejecting Hindi. It may have been about speaking the language of aspiration to a generation that associates English with higher education, professional success, technology and global opportunities. The audience wasn't only in Kota. The message also travels to Congress's stronger southern bases—Karnataka, Telangana, Andhra Pradesh, Kerala and Tamil Nadu—where English often serves as a common political bridge. There is another factor. Narendra Modi remains one of the most effective Hindi communicators India has seen. Competing directly on that turf is difficult. Rahul Gandhi's comparative advantage arguably lies in a different communication style and audience. An entire generation of Indians has now grown up under one national political leadership. Many have little memory of previous governments. Their political opinions are shaped far more by social media, creators, podcasts, YouTube channels and peer networks than by traditional television debates or newspaper editorials. Print and electronic media simply do not have the same influence over younger voters that they once had. And in the digital world, English remains the dominant language of much of the content ecosystem that aspirational urban and semi-urban youth consume every day. The same logic may explain Rahul Gandhi's clothing choices in Parliament. Critics see informality. Supporters see an attempt to appear less like a conventional politician and more relatable to younger voters. Modern politics is increasingly about branding, identity and perception. That is why developments like Vijay's rise in Tamil Nadu are politically significant. They show how youth sentiment can challenge not only established parties but also the long-held political preferences of parents and relatives. There is also an unavoidable generational contrast. Narendra Modi is now 75, while Rahul Gandhi is attempting to position himself as a leader of the next political era. Whether voters accept that positioning is a different question. However, strategy and electoral success are not the same thing. The BJP has spent more than a decade mastering the art of winning elections. Its organizational depth, ground-level machinery and ability to convert narratives into votes remain formidable. Few political observers would underestimate the electoral instincts of Amit Shah. That is why the coming years could be fascinating. Rahul Gandhi appears to be betting on demographics, aspirations, social-media-driven politics and generational change. The BJP is betting on a proven election-winning machine. The strategy is visible. Whether it works is the real question.

As per my understanding, Gayatri Rubbers (GRCL) isn't a pure-play recycling stock. They use internal recycling mainly to cut costs, while their core business focuses on high-margin virgin rubber profiles for Indian Railways. With a low free float post-IPO, strong hands seem to be holding tight, keeping the valuation high due to low trading supply. Lead Reclaim is a closer comparable for true recycling.

K2 Infra has announced ₹548 Cr worth of orders in just one week (₹158 Cr + ₹390 Cr). For a company with a market cap of ~₹90 Cr, the scale of recent order inflows is noteworthy. However, order wins are only the beginning. The real test now is execution—timely project delivery, revenue conversion, margins, working capital discipline, and cash flow generation. If executed well, these orders could materially strengthen the company's business visibility. The market will be watching execution closely. #K2Infra #SMEStocks #Infrastructure Disclosure: Invested. This post is for informational and educational purposes only and should not be construed as investment advice. Please do your own research.

Iran risk down. Hormuz open. Oil cooling. Market: "Fine... then let's worry about monsoon." Monsoon improves? "Let's worry about growth." Growth improves? "Let's worry about valuations." Sometimes markets don't climb a wall of worry — they renovate it every week. Disclaimer: Views are personal observations on market sentiment, not investment advice. DYOR.

Avience Biomedicals IPO: A Manufacturing Expansion Story Worth Tracking At first glance, Avience looks like another healthcare SME. A deeper look suggests the key investment debate is less about current earnings and more about the company's planned manufacturing expansion. Consolidated Financials • Revenue: ₹24.4 Cr (FY24) → ₹46.0 Cr (FY25) • PAT: ₹2.1 Cr (FY24) → ₹7.2 Cr (FY25) • EPS: ₹6.52 → ₹19.06 • Net Worth: ₹6.2 Cr → ₹22.8 Cr The improvement in profitability and net worth over the last two years is notable. Key drivers appear to be: ✓ Increasing manufacturing contribution ✓ Better product mix ✓ Export opportunities ✓ Operating leverage ✓ Cost optimization The company's next phase of growth is linked to a proposed manufacturing facility at YEIDA Medical Device Park, Uttar Pradesh. IPO proceeds are proposed to be utilized for: • Manufacturing facility expansion • Plant & machinery • Working capital requirements Why is this important? The facility could increase manufacturing capabilities, broaden the product portfolio and support future growth, subject to successful execution and commercialization. Promoter Positioning • ~88% promoter holding pre-IPO • No Offer For Sale (OFS) • Entire issue is a fresh issue • Promoters are not reducing their stake through the IPO Another interesting observation: MANIRAMKA COMPOUND 365 LLP appears among notable shareholders. The rationale behind this investment is not discussed in the public documents reviewed, but it remains an interesting aspect of the shareholding pattern. Positives ✅ Strong growth in revenue and profitability ✅ Manufacturing-led growth strategy ✅ Capacity expansion planned ✅ High promoter skin in the game ✅ Potential export opportunity Risks ⚠️ Manufacturing facility execution ⚠️ Regulatory approvals ⚠️ Working capital intensity ⚠️ Capacity ramp-up timelines ⚠️ Absence of visible marquee institutional investors in the pre-IPO shareholding My takeaway: The FY25 numbers explain where Avience is today. The more important variable for long-term investors may be whether management can successfully execute the YEIDA expansion and translate new capacity into sustainable business growth. Disclosure: Based on publicly available information from the RHP. Shared for educational discussion only. Not SEBI registered. Not investment advice. Please conduct your own due diligence. #SMEIPO #SMEStocks #Healthcare #IPO #StockMarket

RT if you agree.

Why stop losses are often impossible in SME stocks: Take Cosmic CRF as an example. • IPO received a weak response and was extended due to insufficient subscription. • Listed below expectations. • Corrected nearly 40% within the first month. • Most conventional stop losses would have been triggered. Then came business execution, improving numbers, and positive news flow. The stock moved well above its IPO price, while many investors who entered later paid much higher prices than those who got IPO allotment. But the story doesn't end there. Many promising-looking SME stocks have also fallen 40%, never recovered, and still trade 70% below their peaks. That's why SME investing is difficult. A 30-40% correction doesn't automatically mean the business is broken. But neither does every correction become a multibagger opportunity. The real challenge is distinguishing temporary market pessimism from permanent business deterioration. SME investing is less about reacting to price moves and more about understanding management quality, business model, capital allocation, and execution. Disclosure: Holding a few IPO-allotted lots of Cosmic CRF. This is not a recommendation to buy, sell, or hold any security. Cosmic CRF is mentioned purely as an example of SME market behavior.

SJ Logistics Promoter: 50.81% DII + FII: 1.25% Retail: ~48% P/E: ~7 K2 Infragen Promoter: 40.70% DII + FII: ~1% Retail: ~58% P/E: ~4.77 Two different companies. Two different sectors. Yet both highlight the same SME lesson. People ask why some SME stocks trade at valuations that traditional metrics struggle to justify. Sometimes the answer isn't in the P&L. It's in the shareholding pattern. When ownership is fragmented, valuation can remain disconnected from what spreadsheets say it should be. Numbers can prove value. Promoters often unlock it. Once a stock is fully distributed, retail investors, HNIs and even AIFs have limited ability to drive a rerating on their own. The key question isn't just: "Is the business growing?" It's: "What incentive does the promoter have to take the stock toward fair value?" A cheap stock can get cheaper. An expensive stock can stay expensive. Ownership structure matters. Disclaimer: The above is a general observation on SME market dynamics and shareholding patterns. It is not a recommendation to buy, sell or hold SJ Logistics, K2 Infragen, or any other security. Do your own research.

NLC India launches an OFS. 3 days later: ✅ 660 MW Ghatampur Unit-3 starts commercial operations, taking capacity to 8,405 MW. ✅ Wins a critical mineral block in Telangana. ✅ Signs MoU with CSIR-CECRI for rare earth & critical mineral extraction technologies. Maybe the market was busy calculating OFS discounts while the company was busy building the future. As always, corporate actions create noise. Business execution creates value.

Susan Electricals ipo- is coming at ~14x FY26 earnings. Prime Cable trades at ~14.7x and J D Cables at ~14x, despite J D enjoying superior PAT margins. Positives: • FY26 revenue nearly doubled • 47% RoNW • Revenue mix between Government and non-Government clients appears encouraging • Backed by pre-IPO investors Gracious Advisors LLP and CCV Emerging Opportunities Fund-I • IPO proceeds largely earmarked for expansion and working capital Questions investors should ask: • PAT margin expanded sharply in the IPO year and deserves closer scrutiny • New facility's trial run and commercial production are expected to contribute meaningfully only after about a yearAnd one more thing... The same Merchant Banker's previous issue, Rajnandini Fashion, turned into a post-listing disaster. This issue also carries an unusual 8.26% Market Maker reservation. Valuation looks reasonable. The key debate is whether FY26 earnings are the beginning of a new growth phase—or simply the best year before the IPO.

Horizon Reclaim (India) IPO Horizon is coming at roughly ₹200 Cr market capitalization on FY26 numbers. FY26 revenue is about ₹50 Cr, implying a 4x sales multiple. IPO valuation is around 19.14x earnings. Listed peer Lead Reclaim & Rubber Products trades near 16.6x P/E. The Key Question At first glance, Horizon appears superior: PAT Margin FY26: ~20% Lead Reclaim PAT Margin: ~10% However, investors should focus on earnings quality and sustainability. In FY24, Horizon's PAT margin was below 5%. Within two years, margins expanded dramatically to 20%+.Cost of Materials Consumed fell from 78.46% of revenue (FY24) to 57.09% (FY26), that's a massive 21 percentage point improvement????? For a manufacturing/recycling company, such a change is extraordinary. Similar sharp profit jumps have been seen in several recent SME IPOs just before listing.

Forget the temporary OFS noise and price dips. The long-term structural story for NLCINDIA is intact. 🚀3 major triggers driving value over the coming years:1️⃣ Value Unlocking: Upcoming NLC Renewables IPO to unlock massive clean energy asset valuation.2️⃣ Massive Expansion: ₹1.25 Lakh Cr CapEx to triple capacity to 20 GW by 2030.3️⃣ Margin Protection: New captive coal blocks mean near-zero fuel transit a ~12x P/E, this Navratna remains an undervalued structural transition play. 💎Disclaimer: For educational purposes only. Not financial advice or a SEBI-registered recommendation. Invest at your own risk.

"NLCIL declared as Preferred Bidder for Critical & Strategic Mineral Block Auctions conducted by Ministry of Mines, GoI”NLC India Limited, is declared as Preferred Bidder for Parvathapur Vanadium, Titanium & Aluminous Laterite block of Sanga Reddy, Telangana subsequent to the Critical & Strategic mineral blocks E-auction held on 11.06.2026 by Ministry of Mines, GoI.

Forget the temporary OFS noise and price dips. The long-term structural story for NLCINDIA is intact. 🚀3 major triggers driving value over the coming years:1️⃣ Value Unlocking: Upcoming NLC Renewables IPO to unlock massive clean energy asset valuation.2️⃣ Massive Expansion: ₹1.25 Lakh Cr CapEx to triple capacity to 20 GW by 2030.3️⃣ Margin Protection: New captive coal blocks mean near-zero fuel transit a ~12x P/E, this Navratna remains an undervalued structural transition play. 💎Disclaimer: For educational purposes only. Not financial advice or a SEBI-registered recommendation. Invest at your own risk.

EPW India: another positive development after a strong FY26. ✔️ FY26 PAT jumped to ~₹10 Cr from ~₹4 Cr in FY25. ✔️ Strong improvement in margins and bottom line. ✔️ Subsidiary has now received Hazardous Waste Authorization from the Telangana Pollution Control Board for collection, storage, transportation, processing and disposal of specified waste streams. This approval enables full-scale operations and strengthens EPW's position in the recycling and circular economy space. Interesting timing as a rubber recycling IPO is also opening today. The entire recycling theme is attracting increasing investor attention, and sector re-rating effects can sometimes spill over across listed players. Disclosure: Holding EPW India since listing day This is not a buy/sell recommendation. Please do your own research. #EPWIndia #SMEStocks #Recycling #CircularEconomy

Still remember meeting the management of Vinyas Innovative Technologies at a conclave around the IPO time. The vision sounded ambitious. I liked the business, but was naturally skeptical of some of the tall claims. Fast forward to today—they've delivered, and delivered in style. It was an easy IPO allotment back then. Still holding my shares. A good reminder that sometimes the best multibaggers don't come from hype, but from managements that quietly execute quarter after quarter. Great work, bhai. 👏