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Sectors in Focus

Major Corporate Developments This Week

1. Niraj Cement Structurals: Company Receives Order for Rs 322.27cr
2. GPT Infra: Company bags ₹1,804-cr flyover contract from MCGM.
3. Mishra Dhatu Nigam: Company secures order worth ₹121.75 cr, current open order position is at ₹2,520 cr.
4. Refex: Arm Venwind Refex Power signs pact to supply WTGs for wind power projects of 148 MW
5. HCLTech: Company to acquire Telco Solutions Business from Hewlett Packard Enterprise
6. Aeroflex: Board approves expansion of facilities to manufacture liquid cooling skids for data centers
7. Ramco Systems: US Arm signed a pact with powerhouse engines to implement its Next-Gen aviation software.
8. Steel Stocks: Ministry of Finance imposes an anti-dumping duty on import of cold rolled non oriented electrical steel from China
9. Antony waste: Secured two municipal solid waste collection and transportation contracts from the Brihanmumbai Municipal Corporation, with a combined value of approximately Rs 1,330 crore. Each contract carries a tenure of seven years and involves the collection and transportation of municipal solid waste to designated landfill sites using owned new vehicles.
10. GE Vernova T&D: Company has been awarded a significant contract by Power Grid Corporation of India Limited (PGCIL) for the refurbishment of the 2x500MW HVDC Chandrapur back-to-back link between Northern and Southern India. The project scope includes design, supply, and execution of upgrades to HVDC Thyristor Valves, Controls & Protection systems, and complete infrastructure refurbishment.
11. Titagarh Rail: The company has Received a Rs 273.24 crore order from the Ministry of Railways for supply of Rail Borne Maintenance Vehicles, including training and maintenance. Delivery to start in 15 months and complete within 48 months.
12. K.P. Energy: Botswana and KP Group Sign MOU For Renewable Energy Development, KP Group and Botswana to Invest $4 billion In Renewable Projects.
13. Ritco Logistics: Company secured new transportation & supply chain contracts worth approx. ₹230 Cr in Nov 2025.
14. Cyient: Company has announced its subsidiary will acquire a majority stake in Kinetic Technologies, a US-based power semiconductor company.
15. Glenmark Pharma: Company’s arm signed a pact with Hansoh pharma to develop and commercialise Aumolertinib. Aumolertinib is an inhibitor indicated to treat non-small cell lung cancer.
16. Alhuwalia Contracts: The company has secured an ₹888.38 crore EPC contract from Bihar State Tourism Development Corporation Ltd for the construction and overall development of Shri Ram Janmabhoomi Tirtha Kshetra at Punauradham, Sitamarhi (Bihar). The domestic civil construction project is to be executed over 42 months.
17. NBCC (India) Ltd: The company has secured two orders worth ₹345.04 crore . This includes a ₹332.99 crore PMC contract from IIT Mandi for planning, design and development of academic blocks, housing and student facilities, and a ₹12.05 crore annual maintenance contract from Kandla SEZ for comprehensive facility management services for CY2026.
18. Kaynes Technologies: Company partners with AOI Electronics for advanced packaging tech like Panel-Level Packaging & Wafer-Level RDL. Also collaborates with Mitsui & Co. to secure critical raw materials (lead frames, molding compounds, semiconductor-grade chemicals) for wafer fabrication. AOI Electronics is a Japan-based leader in semiconductor back-end processing. Mitsui & Co. is a global trading giant with operations in 60+ countries.
19. Saregama: The Board of Directors of Saregama India Limited approved a strategic investment in Bhansali Productions Private Limited (BPPL), a media and entertainment company founded by renowned filmmaker Sanjay Leela Bhansali. The deal includes an initial cash investment of ₹325 crore for subscribing to 9,960 compulsory convertible preference shares (CCPS). Post-conversion (targeted around 2028), Saregama's stake will range from 28% to 49.9% on a fully diluted basis, with an option to increase to 51% by 2030 through additional tranches. BPPL will exclusively grant Saregama music rights for all its future films and series under a pre-agreed pricing formula, securing a steady pipeline of premium music content while eliminating competitive bidding.
20. Vikram Solar: Board has approved ₹4,371 cr capex for phase-1 of battery energy storage (bess) through subsidiary VSL powerhive pvt ltd. 5 GWH BESS manufacturing plant to be set up at oragadam, Tamilnadu, targeted commissioning by FY27. Long-term plan: 30 GWH capacity across battery cells, modules, packs and BESS in a phased manner. Backward integration planned with 7.5 GWH battery cell manufacturing, targeted by FY29

TechnoFunda Investing Quote from Legends -

Paul Tudor Jones emphasizes the critical importance of risk management in trading. His quote reflects a disciplined approach to handling market positions, advising traders to promptly exit losing trades to minimize discomfort and potential losses. He underscores that there is no harm in stepping back from a position and re-entering later if conditions improve, reinforcing flexibility and emotional detachment. The essence of his message is that protecting capital and maintaining control over risk is paramount, as this ensures longevity and success in the markets.

The Compounding Life Newsletter - by Vivek Mashrani

The TechnoFunda Circle

📚 Book I'm Reading This Week Fiasco : The Inside Story of a Wall Street Trader FIASCO is the shocking story of one man's education in the jungles of Wall Street. As a young derivatives salesman at Morgan Stanley, Frank Partnoy learned to buy and sell billions of dollars worth of securities that were so complex many traders themselves didn't understand them. In his behind-the-scenes look at the trading floor and the offices of one of the world's top investment firms, Partnoy recounts the macho attitudes and fiercely competitive ploys of his office mates. And he takes us to the annual drunken skeet-shooting competition, FIASCO, where he and his colleagues sharpen the killer instincts they are encouraged to use against their competitiors, their clients, and each other. List of All Books I have Shared →

TechnoFunda 101 - Power Capsules

Learn technical as well as fundamental concept in a simple way

The Holy Grail of Investing: Decoding "Pricing Power"

In a market environment characterized by high valuations and tepid earnings growth, the margin for safety isn't found in a lower P/E multiple—it is found in Pricing Power

But what actually is pricing power? It is not just the blunt ability to hike prices. This week, we break down the Pricing Power Framework to help you identify businesses that can compound quietly in the background.

1. The Core Framework: The "Wedge" of Value

Most investors view pricing power as a one-dimensional lever (Price Up = Good). However, true enduring advantage comes from a "Rare-fit strategy" that drives a wedge between two critical variables:

1. Willingness to Pay (WTP): The maximum amount a customer is happy to pay for the product (driven by brand, utility, or differentiation).
2. Willingness to Supply (WTS): The cost at which the company can deliver the product (driven by scale, efficiency, or unique assets)5.

We are looking for companies that can simultaneously increase the customer's WTP (Differentiation) while keeping their own costs lower than the industry average (Cost Advantage). This creates a massive "Firm Surplus" that protects margins against inflation and downturns.

2. The "Sweet Investment Zone": Timing the Entry

Finding pricing power is good; finding emerging pricing power is better. To capture the maximum valuation re-rating (the "J-Curve" growth), we need to map companies to their corporate lifecycle8.

• The Target: We look for companies transitioning from Stage 2 (Young Growth) to Stage 3 (High Growth)9.
• The Signal: This is the phase where a company moves from "The Product Test" to "The Scaling Up Test". This is where Emerging Pricing Power hardens into Established Pricing Power.

3. The 4 Avatars of Pricing Power

Pricing power manifests differently depending on the sector. Here are four specific "Avatars" to look for in your stock screening:

A. The Dominant Franchise (Established Power)

• The Moat: Premium positioning that refuses to dilute.
• Case Study: Eicher Motors. Despite market pressure to chase volumes with cheaper scooters, Eicher stuck to its premium motorcycle niche.
• The Result: A 90% market share in its sub-segment and a 440X increase in market cap since FY2010.

B. The "Hidden" B2B Giant (Structural Power)

• The Moat: High switching costs and mission-critical operations.
• Case Study: KFIN Technologies. It operates in a duopoly (30-35% market share) where replacing the service provider is costly and risky for clients.
• The Result: "Medium-to-strong" pricing power that is less about brand flashiness and more about being impossible to remove.

C. The Fallen Angel (Cyclical Power)

• The Moat: Industry consolidation leading to "pricing repair."
• Case Study: Bharti Airtel. After a brutal decade of hyper-competition, the telecom sector consolidated from ~14 players to essentially 3.
• The Result: With 78% of the market held by the top two, the industry structure now supports tariff hikes, signaling a return of pricing power.

D. The Network Effect Play (Emerging Power)

• The Moat: Two-sided network advantage.
• Case Study: Zomato/Blinkit ("Eternal"). Growth in one set of users (food delivery) increases value for the other set (quick commerce/riders).
• The Result: They can offer lower discounts than competitors while still commanding customer loyalty, effectively creating a cost-and-differentiation advantage simultaneously.

Mental Model: The Lollapalooza Effect

Charlie Munger famously described the Lollapalooza Effect as the outcome when multiple factors reinforce each other to create non-linear results

True pricing power is rarely just one thing. It is usually a combination of Scale + Brand + High Switching Costs + Rational Industry Structure. When you find a business where these factors collide, you have found a compounding machine.

Look at your portfolio. Which companies could raise their prices by 10% tomorrow without losing a single customer? Those are your anchors..

🚀 My Content For This Week 🎬 Metals and Mining | Technofunda Analysis​ ​ 📋 Twitter: Vivek Mashrani, CFA @MashraniVivek “You don't have to pee on an electric fence to learn not to do it” ― Charlie Munger You don't need to go through pain and losses. Here are 10 Hard-Hitting Lessons that Transformed my investing journey 🎯 11:27 AM • Dec 20, 2025 0 Retweets 4 Likes Read 1 replies ​ 📷 Instagram: How real compounders are spotted early​ 🔗 Linkedin: REITs​

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Keep Compounding...

Vivek Mashrani, CFA Founder, TechnoFunda Investing

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