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EMICO ELICON## Emico Elicon Ltd. (CMP ₹2,277.00, NSE: EMICOELICON)
**The SmartWay Research Desk | 17 September 2026**
A Rajkot‑based engineering company, incorporated in 1964. Emico Elicon Ltd. is engaged in manufacturing **industrial gears, gearboxes, material handling equipment, and precision engineering components**, catering to industries such as cement, steel, power, mining, and infrastructure.
**Promoter Holding (Jun 2026):** **Patel Family & Associates — ~73.4% stake (no pledges)**
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### FY22–FY26 Snapshot
- **Revenue Growth:** FY26 revenue ₹1,142 Cr vs ₹982 Cr in FY25 (+16.3% YoY). → **Good**
- **Net Profit:** FY26 PAT ₹142 Cr vs ₹118 Cr in FY25 (+20.3% YoY). → **Good**
- **Operating Margin:** FY26 EBITDA ₹242 Cr, margin 21.2% vs 20.4% last year (+80 bps). → **Good**
- **Equity Capital:** Stable, face value ₹10. → **Good**
- **Dividend Policy:** Dividend ₹4.00/share declared for FY26. → **Good**
- **Asset Building:** Investments in **gearbox technology upgrades and export expansion**. → **Good**
- **Sales:** Strong demand from **cement, steel, and mining industries**. → **Good**
- **Expense:** Raw material cost pressures (steel, alloys) remain. → **Neutral/Good**
- **EPS:** FY26 EPS ₹28.25 vs ₹23.50 last year (+20.2%). → **Good**
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### Institutional Interest & Ownership Trends (Jun 2026)
- **Promoter Holding:** ~73.4% (no pledges)
- **FII Holding:** ~2.8%
- **DII Holding:** ~4.6%
- **Retail & Others:** ~19.2%
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### Strategic Moves & Innovations
- Expansion in **precision gearboxes for heavy industries**.
- Focus on **exports to Europe and Middle East markets**.
- Partnerships with **OEMs for long‑term supply contracts**.
- Diversification into **material handling and automation solutions**.
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### Cash Flow & Balance Sheet Strength
- Market cap ~₹2,800 Cr.
- Debt‑to‑equity ratio ~0.32 (low leverage).
- Book value per share ₹182.00; P/B ~12.5.
- EPS (TTM) ₹28.25; P/E ~80.6.
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### Risk Factors
- Very high **P/E ratio ~80.6**, valuations extremely expensive.
- Dependence on **industrial demand cycles (cement, steel, mining)**.
- Exposure to **commodity price volatility (steel, alloys)**.
- Competition from Elecon Engineering, Premium Transmission, and Flender India.
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### Investor Takeaway
Emico Elicon has delivered **robust FY26 performance**, supported by demand in cement, steel, and mining industries, alongside export expansion. With strong promoter backing (Patel Family, 73.4% stake), dividend payouts, and leadership in industrial gearboxes, Emico Elicon remains a **small‑mid cap engineering play**. At CMP ₹2,277.00, valuations are **extremely expensive (P/E ~80.6, P/B ~12.5)**, reflecting high growth expectations but also significant valuation risk. 
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Softtech Engineers🎯 STOCK TO WATCH
WEEKLY R4 MOMENTUM BREAKOUT SETUP
SOFTTECH ENGINEERS LTD
₹465–470 → ₹738 → ₹1,445
📌 TRADE LEVELS
🟢 Buy Zone: ₹465–470
🚀 Breakout Zone: ₹462
🛑 Stop Loss: ₹341
🎯 Target 1: ₹738
🎯 Target 2: ₹1,445
🔎 WHY SOFTTECH ENGINEERS?
Digital engineering + GovTech: SoftTech develops software solutions for urban governance, construction and infrastructure workflows.
Q1 FY27 growth: Standalone revenue from operations was ₹32.22 Cr, +25% YoY, with EBITDA of ₹9.60 Cr, +25% and PAT of ₹1.92 Cr, +17.8%.
SaaS momentum: SaaS revenue reached about ₹10.03 Cr, growing 55.6% YoY in Q1 FY27 on a standalone basis.
Large pipeline: Q1 FY27 presentation reported ₹489.82 Cr of orders in pipeline, alongside confirmed orders of about ₹220.41 Cr.
New digital platforms: Recent initiatives include CivitTWIN, an AI-powered digital approval platform, and an e-TDR platform for Maharashtra/BMC.
Recurring-revenue focus: Management is expanding its SaaS/annuity-based business alongside its established government-sector presence.
⚡ WHY IT CAUGHT MY ATTENTION
✅ ₹462 is the key breakout reference in my setup
✅ Strong Q1 standalone revenue growth
✅ SaaS revenue growing faster than the overall business
✅ Large order pipeline provides potential revenue visibility
✅ Exposure to digitalisation of infrastructure and urban governance
✅ Technical structure showing strong momentum
⚠️ IMPORTANT
This is a high-risk momentum setup. The Q1 numbers show strong standalone growth, but consolidated PAT growth was much more modest at about 5% YoY.
The large pipeline should also be distinguished from confirmed orders—pipeline conversion and execution remain key variables.
Risk Defined. Reward Visible.
Disclaimer: This content is for educational purposes only and not investment advice. Please do your own due diligence before making any investment decisions.
© 20K Microcap Investing | R4 Momentum Desk
#SofttechEngineers #SOFTTECH #InfrastructureStocks #EngineeringStocks #SaaS #GovTech #MomentumStocks #BreakoutStocks #IndianStocks #R4Momentum #StockToWatch 
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OPTIEMUS INFRA## Optiemus Infracom Ltd. (CMP ₹605.00, NSE: OPTIEMUS)
**The SmartWay Research Desk | 16 September 2026**
A Gurugram‑based diversified company, incorporated in 1993. Optiemus Infracom Ltd. operates across **telecom distribution, mobile handset manufacturing, electronics, and infrastructure services**. The company is known for its partnerships with global brands in smartphones and accessories, and has expanded into **electronics manufacturing services (EMS)** under the “Make in India” initiative.
**Promoter Holding (Jun 2026):** **Ashok Gupta & Family — ~74.6% stake (no pledges)**
---
### FY22–FY26 Snapshot
- **Revenue Growth:** FY26 revenue ₹3,242 Cr vs ₹2,812 Cr in FY25 (+15.3% YoY). → **Good**
- **Net Profit:** FY26 PAT ₹212 Cr vs ₹182 Cr in FY25 (+16.5% YoY). → **Good**
- **Operating Margin:** FY26 EBITDA ₹462 Cr, margin 14.3% vs 13.6% last year (+70 bps). → **Good**
- **Equity Capital:** Stable, face value ₹10. → **Good**
- **Dividend Policy:** Dividend ₹2.50/share declared for FY26. → **Good**
- **Asset Building:** Investments in **EMS facilities and smartphone assembly plants**. → **Good**
- **Sales:** Strong demand from **mobile distribution and electronics manufacturing**. → **Good**
- **Expense:** Raw material and import costs remain elevated. → **Neutral/Good**
- **EPS:** FY26 EPS ₹14.25 vs ₹12.20 last year (+16.8%). → **Good**
---
### Institutional Interest & Ownership Trends (Jun 2026)
- **Promoter Holding:** ~74.6% (no pledges)
- **FII Holding:** ~2.1%
- **DII Holding:** ~3.4%
- **Retail & Others:** ~19.9%
---
### Strategic Moves & Innovations
- Expansion in **electronics manufacturing services (EMS)**.
- Focus on **smartphone assembly and accessories distribution**.
- Partnerships with **global brands for technology transfer**.
- Diversification into **IoT devices and telecom infrastructure**.
---
### Cash Flow & Balance Sheet Strength
- Market cap ~₹6,200 Cr.
- Debt‑to‑equity ratio ~0.42 (moderate leverage).
- Book value per share ₹142.00; P/B ~4.3.
- EPS (TTM) ₹14.25; P/E ~42.5.
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### Risk Factors
- Very high **P/E ratio ~42.5**, valuations expensive.
- Dependence on **smartphone demand cycles and global brand tie‑ups**.
- Exposure to **import cost volatility and forex risks**.
- Competition from Dixon Technologies, Amber Enterprises, and Foxconn India.
---
### Investor Takeaway
Optiemus Infracom has delivered **robust FY26 performance**, supported by EMS expansion, smartphone distribution, and IoT diversification. With strong promoter backing (Gupta Family, 74.6% stake), dividend payouts, and leadership in electronics manufacturing, Optiemus remains a **mid‑cap EMS and telecom play**. At CMP ₹605.00, valuations are **expensive (P/E ~42.5, P/B ~4.3)**, reflecting growth expectations but also sectoral risks. 
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