Action Construction Equipment Ltd ( ACE )
CMP Rs.222 /- , Target – 254 / 299 / 328 / 375, Stop Los 180.

Action Construction Equipment Ltd is engaged in the business of manufacturing and marketing of
hydraulic mobile cranes, mobile tower cranes, material handling equipment like forklifts, road construction
equipment like backhoe loaders, compactors, motor graders and agriculture equipment like tractors, harvesters,
rotavators, etc. The company manufactures products for diverse customer needs :-
a. Cranes – Pick & Carry Crane, Lorry Loaders Crane, Self-Erecting Tower Crane, Crawler Crane, Truck Crane and Tower
b. Construction Equipment – Backhoe Loader, Wheel Loader, Soil Compactor & Tandem Vibratory Roller and Motor
c. Material Handling – Forklift Trucks, Warehousing Equipment and Piling Rig.
d. Agriculture Equipment – Tractor, Track Combine, Wheel Harvester, and Rotovator.
Market Leadership
The company is the India’s largest Pick & Carry cranes manufacturer with over 63% market share in the Mobile
cranes segment and a majority market share of ~60% in Tower Cranes segment domestically.
It is also the 3rd largest manufacturer of forklifts behind Godrej and Kion in India.
Industries Served
The company’s wide product portfolio serves diversified sectors like construction, infrastructure, manufacturing,
logistics and agriculture.
Revenue Breakup
In FY21, cranes accounted for ~65% of revenues, followed by agriculture equipment (16%), construction equipment
(11%) and material handling equipment (8%).
Sales Network
The company has a wide sales network with 100+ locations supported by 21 regional offices in India.
International Presence
The company exports its products to 25+ countries globally which include Mexico, Argentina, South Africa, Kenya,
Tanzania, Nigeria, Egypt, Sudan, Saudi Arabia, Yemen, Oman, Bangladesh, Nepal, Indonesia and other countries.
As per FY21, exports accounts for ~7% of revenues. It targets to increase contribution of revenues from exports to
~15% over next 2-3 years.
The company’s clients include key infrastructure, manufacturing and government companies such as L&T, Tata,
Ashoka Buildcon, Aditya Birla, ACC, Dabur, Novartis, HP, BHEL, Coal India, RITES, Indian Oil, BEML, and many

Praj Industries Ltd
CMP Rs.326 /- Target – Rs 372 , 420 , 456, 504, Stop Loss – 288.

Praj Industries Ltd, incorporated in 1985 and headquartered in Pune has a presence across the globe with more
than 750 references in more than 75 countries. It began as a supplier of an ethanol plant, today it is a global
company providing various solutions with a focus on the environment, energy, and Agri-process industry.
2nd in a list of the worlds 50 Hottest companies in the global bio-economy for 2021 in the Low Carbon Fuels and
Renewable Chemicals category.
It tops the list that includes fortune 500 companies and global majors.
Products and Customers
Bioenergy – Company’s Bioenergy portfolio comprises of technology solutions for first-generation ethanol, advanced
biofuel (second-generation ethanol), compressed biogas (CBG) and biodiesel systems
High Purity Systems- Praj HI Purity Systems, a wholly-owned subsidiary, offers water systems (WS), modular
process systems (MPS) as well as value-added services (VAS) to customers in biopharma, sterile formulations,
topical & orals, cosmetics & personal care, and nutraceutical industry.
Engineering Products– Critical Process Equipment and System offers a range of static equipment like pressure
vessels, reactors, and other proprietary equipment (built as per the client’s design) to various process industries such
as Oil & Gas, Refining, etc.
It supplies environment-friendly brewery plants capable of producing the best quality beers at the most optimum
costs. It offers complete solutions from conceptualization, technology, design, plant engineering up to project
installation and commissioning.
The company launched its Bio Prism portfolio which comprises technologies for the production of renewable
chemicals and materials (RCM) solutions. It caters to various sectors namely automotive, packaging, etc.
Its segment-wise revenue distribution is Hi Purity (16%), Engineering (18%), and Bioenergy, (66%) while its order
book distribution is Hi Purity (9%), Engineering (50%), and Bioenergy, (41%)
Its region-wise revenue distribution is Domestic (71%), and Export (29%).
Order Inflow
During the first half of fiscal 2021, new order inflow improved by over 14% for ethanol business owing to favorable
policies being announced by the government and an increase in demand for pharmaceutical grade alcohol amid the
rising need for sanitization amid the ongoing pandemic.

Mold-Tek Packaging Ltd
CMP Rs. 800 /- Target – Rs 833, 887, 966 , Stop Loss – 753 .

Mold-Tek Packaging is engaged in the manufacturing of injection-molded containers for lubes, paints, food and
other products.
Innovation and Value Addition
In the early 1990s Mold-Tek pioneered the concept of plastic pails for paints industry.
In the late 1990s Mold-Tek introduced plastic containers for lubes industry with value added features like ‘pull-up
spout’ and tamper & leak free features.
Mold-Tek was also granted a patent for the innovation related to pull-up spout with tamper proof seal.
Mold-Tek designed and developed the containers for Mondelez’s Lickables product becoming its exclusive
supplier in India. There are multiple products under development such as QR code enabled IML containers
plastic containers for fertilizers & pesticide industry, tamper proof plastic containers for home delivery
companies like Swiggy / Zomato etc.
In-House Capabilities
Mold-Tek is only company in India that has in-house tool room, moulds, robotic operations, and labels. Further,
inhouse mould making capabilities also help with faster product development and market introductions These
capabilities are of special importance in IML which requires a high degree of reliance on automation including
Strong Customer Relationships
Mold-Tek has a proven track record of quality and reliability of supply which has helped it become one of preferred
suppliers for leading companies in Paints, Lubes and Food & FMCG industries. Mold-Tek is amongst the few
companies which has got a ‘green channel clearance’ from Asian Paints i.e., pails supplied by Mold-Tek go straight
to the filling line without quality checks. Further, being the pioneers in IML is helping Mold-Tek get embedded in
supply-chain ecosystem of major companies like HUL at an early stage of IML adoption in Food & FMCG.
As adoption of IML increases, Mold-Tek stands to benefit. Key customers include ITC, HUL, Cadbury, Pepsi, Asian
Paints, Berger Paints, Nerolac, Parle, Dabur, Nestle, Amul, Britannia, P&G etc.

KPIT Technologies Ltd
CMP. Rs.581 /- Target – Rs. 638, 768, 840. Stop Loss – Rs.520

KPIT is a global technology company with software solutions that will help mobility leapfrog towards autonomous,
clean, smart and connected future. With 6000+ Automobelievers across the globe, specializing in embedded
software, AI & Digital solutions, KPIT enables customers accelerate implementation of next generation mobility
technologies . With development centers in Europe, USA, Japan, China, Thailand and India.
Global Presence
The company has been earning about 41% of its revenues from USA, followed by Europe (39%) and Rest of World
Germany has been the growth engine of company. It is the epicenter for the future technologies of mobility. The
company has been investing heavily in Germany for last 3 years. Asia, led by Japan is another solid growth area for
the company.
Revenue Breakup
Presently, the company earns 75% of its revenues from passenger vehicles, followed by commercial vehicles (23%)
and others (2%).
It has various practice interests in its verticals and It earns majority of revenues from Powertrain (34%), followed by
AD-ADAS (Autonomous Driving- Autonomous Driver Assistance System) (23%), Connected vehicles (13%) and
other various practices accounts for the rest 30% of revenues.
Client Concentration
KPIT has an established base client base with BMW, Eaton and other global OEMs to which it offers multiple
services. Since it offers services to global OEMs, its top 17 clients accounts for 84% of its total revenues. Is strategy
is to focus on top automobile clients in the industry for generating revenues.
Research and Development
The company is a technology intensive company so Research and Development is one of the most important
aspects of the same. It has developed a cloud-based test automation testing platform for end-to-end integrated
system testing. The tool has been used across large programs by OEMs.
It has filed for various patients for its researches. ~40 patents till yet and has been granted 6 patents out of them.
R&D expenses increased from 6 crores in FY19 to 25 crores in FY20.
NEWS : KPIT Technologies said it expects the acquisition of first tranche of 25 per cent stake in Future Mobility to
be completed in September 2021, while 100 per cent acquisition is expected by the last quarter of financial year