ASTRAMICRO.NSE

Astra Microwave Products Ltd.

In this briefing: Primer: Premier Polyfilm (PRPF IN) - Apr 2026 Primer: Avt Natural Products (AVTH IN) - Apr 2026 Primer: BCL Industries (BCLIL IN) - Apr 2026 MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank Thematic Report: India Defense Sector - Moving Into Growth Phase 1. Primer: Premier Polyfilm (PRPF IN) - Apr 2026 Premier Polyfilm is a leading Indian manufacturer of specialized calendared PVC products, including flooring, artificial leather, and films, with a strong domestic market presence and a growing export footprint in over 25 countries. The company has demonstrated robust financial performance, characterized by strong revenue growth, significant margin expansion, and impressive growth in net income and cash flows over the past three fiscal years. Strategically positioned to capitalize on the growth in Indian infrastructure, automotive, and healthcare sectors, the company is focused on expanding its market share through product innovation, modernization of equipment, and widening its distribution network.

In this briefing: Primer: BCL Industries (BCLIL IN) - Apr 2026 MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank Thematic Report: India Defense Sector - Moving Into Growth Phase Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 1. Primer: BCL Industries (BCLIL IN) - Apr 2026 BCL Industries is a leading grain-based ethanol producer in India, well-positioned to benefit from the government's ethanol blending program, with significant capacity expansion underway to more than 1.5x its current scale. The company operates a diversified business model across Distillery (ethanol and liquor), Edible Oils & Vanaspati, and Real Estate, which provides multiple revenue streams but also exposes it to different cyclical industries. While revenue growth has been strong, recent margin compression, negative free cash flow due to capital expenditures, and increased debt levels are key areas for investor monitoring. This content is AI-generated and displayed for general informational purposes only.

In this briefing: Primer: BCL Industries (BCLIL IN) - Apr 2026 MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank Thematic Report: India Defense Sector - Moving Into Growth Phase Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 1. Primer: BCL Industries (BCLIL IN) - Apr 2026 BCL Industries is a leading grain-based ethanol producer in India, well-positioned to benefit from the government's ethanol blending program, with significant capacity expansion underway to more than 1.5x its current scale. The company operates a diversified business model across Distillery (ethanol and liquor), Edible Oils & Vanaspati, and Real Estate, which provides multiple revenue streams but also exposes it to different cyclical industries. While revenue growth has been strong, recent margin compression, negative free cash flow due to capital expenditures, and increased debt levels are key areas for investor monitoring. This content is AI-generated and displayed for general informational purposes only.

In this briefing: MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank Thematic Report: India Defense Sector - Moving Into Growth Phase Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability 1. MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank We analysed the earning revision of component stocks of MS-India in the past month. We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision. We highlighted EPS revision on Oil & Natural Gas, ICICI Bank, HDFC Bank, Balkrishna Industries, L&T Finance, Eternal, Tata Motors Passenger Vehicles, Tata Motors. 2. Thematic Report: India Defense Sector - Moving Into Growth Phase India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026 , taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.

In this briefing: MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank Thematic Report: India Defense Sector - Moving Into Growth Phase Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability 1. MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank We analysed the earning revision of component stocks of MS-India in the past month. We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision. We highlighted EPS revision on Oil & Natural Gas, ICICI Bank, HDFC Bank, Balkrishna Industries, L&T Finance, Eternal, Tata Motors Passenger Vehicles, Tata Motors. 2. Thematic Report: India Defense Sector - Moving Into Growth Phase India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026 , taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.

In this briefing: Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future MicroPort MedBot (2252 HK): Toumai Grew by Leaps and Bounds in 2025, Momentum to Sustain Going Ahead Thematic Report: India Defense Sector - Moving Into Growth Phase Nike Back to 2014 Levels? 1. Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention Victory Giant has delivered an impressive 2025 results. However, the profit in the second half of the year showed a slight downward trend compared with 25Q2. AI and high-performance computing business is still expected to maintain a growth rate of 40%-50% in 2026. The growth rate will gradually slow down to 20%-30% from 2027 to 2028. An IPO price that is 20% to 30% lower than A-share is a rational range. 25x P/E based on 2026 forecast could be comfortable, which provides certain margin of safety. 2. Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future In 2025, Shanghai Conant Optical (2276 HK) reported revenue rise of 6% YoY to RMB 2.2M buoyed by growth of multifunctional lens (up 2%) and standardized lens (up 13%).

In this briefing: Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future MicroPort MedBot (2252 HK): Toumai Grew by Leaps and Bounds in 2025, Momentum to Sustain Going Ahead Thematic Report: India Defense Sector - Moving Into Growth Phase Nike Back to 2014 Levels? 1. Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention Victory Giant has delivered an impressive 2025 results. However, the profit in the second half of the year showed a slight downward trend compared with 25Q2. AI and high-performance computing business is still expected to maintain a growth rate of 40%-50% in 2026. The growth rate will gradually slow down to 20%-30% from 2027 to 2028. An IPO price that is 20% to 30% lower than A-share is a rational range. 25x P/E based on 2026 forecast could be comfortable, which provides certain margin of safety. 2. Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future In 2025, Shanghai Conant Optical (2276 HK) reported revenue rise of 6% YoY to RMB 2.2M buoyed by growth of multifunctional lens (up 2%) and standardized lens (up 13%).

In this briefing: Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future MicroPort MedBot (2252 HK): Toumai Grew by Leaps and Bounds in 2025, Momentum to Sustain Going Ahead Thematic Report: India Defense Sector - Moving Into Growth Phase Nike Back to 2014 Levels? Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD 1. Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future In 2025, Shanghai Conant Optical (2276 HK) reported revenue rise of 6% YoY to RMB 2.2M buoyed by growth of multifunctional lens (up 2%) and standardized lens (up 13%). In 2025, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 38.6% in 2024 to 42% in 2025. Shanghai Conant’s robust demand outlook, capacity expansion plans, R&D initiatives and margin strength offers a strong long term secular growth story. 2. MicroPort MedBot (2252 HK): Toumai Grew by Leaps and Bounds in 2025, Momentum to Sustain Going Ahead Shanghai MicroPort MedBot Group (2252 HK) recorded revenue of RMB 551.1M for 2025, representing an increase of 114%, and net loss narrowed down narrowed down to RMB 254M in 2025.

In this briefing: Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future MicroPort MedBot (2252 HK): Toumai Grew by Leaps and Bounds in 2025, Momentum to Sustain Going Ahead Thematic Report: India Defense Sector - Moving Into Growth Phase Nike Back to 2014 Levels? Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD 1. Conant Optical (2276 HKG): Revenue Rise, Margins Expand in 2025; XR Lenses To Pave Way For Future In 2025, Shanghai Conant Optical (2276 HK) reported revenue rise of 6% YoY to RMB 2.2M buoyed by growth of multifunctional lens (up 2%) and standardized lens (up 13%). In 2025, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 38.6% in 2024 to 42% in 2025. Shanghai Conant’s robust demand outlook, capacity expansion plans, R&D initiatives and margin strength offers a strong long term secular growth story. 2. MicroPort MedBot (2252 HK): Toumai Grew by Leaps and Bounds in 2025, Momentum to Sustain Going Ahead Shanghai MicroPort MedBot Group (2252 HK) recorded revenue of RMB 551.1M for 2025, representing an increase of 114%, and net loss narrowed down narrowed down to RMB 254M in 2025.