SMC Global Securities Limited

Margins matter. Here’s how it looks: 🪙CPP margins: 20-22% 🪙IPP margins: 85-90% As the IPP share increases, blended EBITDA margins are expected to move towards 32-33% This means as they grow, they also become more profitable https://t.co/o5LnnAPY4Z

Now, let’s talk numbers: • FY25 revenue: ₹1,755 Cr (up 70% YoY) • Net profit: ₹325 Cr (2x YoY) • Q4 revenue: +97% YoY • Q4 PAT: +142% YoY https://t.co/Uk9pHnR0fa

Because the company: → Built long-term relationships with Goodyear, Bridgestone, Apollo Tyres → Shifted to high-margin, value-added products → Exited low-margin businesses → Expanded capacity and improved utilization None of this was detailed in the annual report — but the

[6] Case Study: Oriental Carbon & Chemicals Let’s look at an actual example. 📉2012–2013 →  BBB+ 📈2014 → A- 📈2015 → A Why the upgrade?

[5] The Real Power is in the Movement, not just the Rating Would you trust a company that dropped from AA+ to A? Or a small-cap that steadily rose from BBB- to A-? Ratings tell you where the company is. But rating movement shows you where it's going

E) Credit Rating Movement → Year-on-year movement tells you if the business is truly improving F) Discrepancy Flag → If your analysis says the company is doing well but ratings are going down — it’s a sign to double-check

If you’re a serious investor, you can’t afford to ignore this goldmine Use credit rating reports to: ✅ Deepen your research ✅ Verify your thesis ✅ Discover risks early ✅ Spot silent turnarounds It’s free. It’s verified. It’s underused Make it your edge

[7] What about Suspensions or Withdrawals of Ratings? This doesn’t always mean something is wrong. Sometimes the company chooses not to renew it. But sometimes it’s a red flag: → Loan default → Lack of transparency → Trouble in operations Always check the reason stated in

8. Common Reader Queries: 🟡Why is debt info different in annual vs credit rating reports? Because credit reports often include off-balance sheet liabilities too 🟡Should I fully rely on credit ratings? No — but it’s a powerful addition to your toolkit 🟡Are these reports