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SumanSpeaks Capital Markets & Geopolitical Intelligence  •  Estd 2006 Equity Research  •  PSU / Steel NMDC Steel Finally Turns the Corner — From Project-in-Progress to ₹58.72 Crore of Profit FY26 revenue jumped 60% to ₹13,642 crore, Q4 profit swung to ₹392 crore from a ₹473 crore loss, and borrowings are down to ₹4,602 crore. The stock, though, has cooled to ₹43–44 — well off its post-results high near ₹52.60. Long-time readers of this blog will recall the "Steeling for Success" call on NMDC Ltd (₹43.15) Steel back in November 2024, when the stock traded near ₹47 and the turnaround was still a thesis, not a fact. Through FY25 that thesis remained under construction — revenue grew fast, but the bottom line stayed deep in the red. FY26 is the year the numbers finally caught up with the narrative. 1 ...
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SumanSpeaks Capital Markets & Geopolitical Intelligence  •  Estd 2006   Geopolitical Intelligence  •  Energy & Infrastructure Hormuz Is Burning Again — Swan Corp's Tolling Fortress Was Built For Exactly This Week Brent has jumped back above $85 a barrel as Washington strikes Iran and reimposes its Hormuz blockade — barely two weeks after the same crude sat near $72. Swan Corp trades near ₹315, still down over 40% from its ₹527 peak. The market is about to repeat the same mistake it made in April. Dalal Street has a short memory and a shorter attention span. Every time the Strait of Hormuz flares up, the same reflex plays out: index funds and momentum desks take one look at "energy-linked mid-cap" and hit sell, regardless of whether the company in question actually loses money when crude and LNG spike — or makes a great deal more of i...
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SumanSpeaks Capital Markets & Geopolitical Intelligence · Estd 2006 Judiciary & Infrastructure SEPC Ltd: The Question the Madras High Court Hasn't Asked Yet A ₹154.63 crore attachment. A 'D' rating. A ₹521.46 crore contract gone. Three events, viewed separately, tell one story. Viewed together, they raise a question the Madras High Court has yet to confront: is SEPC (₹6.21) losing business because of commercial weakness—or because the execution process itself is steadily stripping away the credibility needed to win new contracts? The record before the Court reveals an uncomfortable sequence of events. In February 2026, the Madras High Court attached ₹154.63 crore of SEPC's trade receivables to enforce a decade-old foreign arbitral award. Within weeks, CRISIL and Infomerics downgraded the company's bank facilities to the 'D' category, with CRISIL expressly citing overdrawals and de...
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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence  |  Estd 2006 Corporate Strategy  |  AI Pivot & Power Infrastructure Reliance Power's AI Pivot (₹25.10): Rebranding, ₹9,000 Cr Capital, and a Policy Tailwind Arriving Right on Cue Four renamed subsidiaries. A ₹9,000 crore fundraise. And a state government simultaneously building the exact demand this pivot is betting on. On June 30, 2026, Reliance Power quietly filed one of the more consequential corporate-identity shifts in the Indian power sector this year. Four of its subsidiaries were renamed Reliance AI Green Power, Reliance AI Power, Reliance AI Data Control, and Reliance AI Data C — and the company formally added artificial intelligence and technology-enabled services to its business objects. This was not a data-centre announcement or a customer contract. It was...
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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence  |  Estd 2006 Policy Catalyst  |  Power & Infrastructure Uttar Pradesh's AI-Ready Data Centre Policy: A Narrative Tailwind for Reliance Power Ltd (₹25.10) ₹2 lakh crore in targeted investment. 2 GW of new capacity by 2030. What the UP Cabinet's July 6 policy actually means — and doesn't mean — for Rosa and Sasan. On July 6, 2026, the Uttar Pradesh Cabinet — chaired by Chief Minister Yogi Adityanath — approved the Uttar Pradesh Data Centre Policy 2026 , replacing the 2021 framework that had lapsed on January 27. The stated ambition is unambiguous: position UP as a Green, AI-ready, globally competitive data centre hub, with a target of ₹2 lakh crore in fresh investment and 2 GW of additional capacity by 2030. GPU-based infrastructure, Tier III/IV...
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SumanSpeaks Independent Capital Market & Geopolitical Intelligence Renewable Energy  /  Micro-Cap Watch Indowind Energy: A Wind Veteran Trying to Catch a Solar Tailwind The Union Budget just handed India's renewable sector a super-cycle. The question for this Chennai-based micro-cap is whether it's built to ride it, or merely standing near the wind. There are two kinds of "renewable energy positive" news stories in India right now. The first is the macro story — the one where the Finance Ministry zeroes out customs duty on solar glass, the BESS Viability Gap Funding jumps nine-fold, and DISCOM dues collapse from ₹1.4 lakh crore to ₹4,109 crore. That story is unambiguously good for India's power sector. The second story is what any individual company actually does with that tailwind. And this is where Indowind ...
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SumanSpeaks Independent Capital Market & Geopolitical Intelligence Policy Impact · Electronics & ACC Manufacturing Duty-Free Isn't Debt-Free: What the CBIC's Latest Waiver Really Buys Kaynes, Syrma, Rajesh Exports and Reliance Power Three notifications, five display parts, six charging components, and 85 pieces of battery machinery — the Finance Ministry just rewrote the cost sheet for India's component makers, and their biggest downstream buyer. Not everyone gets to cash the same cheque. The latest GOI Report, talks of the Ministry of Finance quietly doing what ministries rarely do quietly — cutting import duties to zero on the unglamorous middle layer of electronics manufacturing: the display cells, the FPCAs, the backlight units, the coil assemblies, and the 85-item shopping list of machinery that turns lithium carbonate into something that can power your scooter. Three CBIC notifications, dated July 8, 2026, running till March ...
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