OMKARA CAPITAL – DAILY NEWSLETTER (21st May 2026)

Headlines
•⁠ ⁠Sansera Q4 PAT at Rs 123 cr vs 59 cr – BLASTTTTTTTTTTTT
Serious efforts are underway to finalize a draft agreement between Iran and the US, Al Arabiya sources say

MARKET COMMENTARY: GOOD NEWS SOON?

While we wait for some good news to come from USA & Iran, and which looks like it is coming soon. Crude was down almost 6% and USA markets surged last night.

But some numbers around the globe shook my head in the morning. SpaceX filed for IPO – asking for USD 1.75 trillion valuation at 95x TTM sales. Q1 revenue hits $4.69B with $4.28B net loss. Musk says addressable TAM for SpaceX is wait for it $28.5 trillion. And over 90% TAM is from AI and not Space.

This elephant or gorilla is still dancing. Look at the earnings from NVIDIA on such a huge base – a co with m-cap of over USD 5 trillion. 85% sales growth with 66% operating margins. NVIDIA Q1 Revenue +85% Y/Y to $81.6B ($2.6B beat). Operating margin 66% (+16pp Y/Y). Q2 FY27 guidance: Revenue $91.0B ($3.0B beat).

I am too excited after Sansera earnings and waiting for concall at 10 am. After AMI (Acutaas) – this has been an alpha idea from Omkara. The only exciting part isn’t only Q4 but how the longevity of earnings looks clear with valuations still reasonable. Imagine if street can give Dynamatic Technologies a market cap of Rs 7,000 cr which did FY26 PAT of 32 cr (and 11% ebidta margin) – Sansera is still at 15,500 cr m-cap with FY26 PAT at Rs 333 cr (with ebidta margin at 20%) – both are plays on ADS and FYI – Sansera supplies to Dynamatic. Both are great cos but I am pointing about the valuations. Sansera, as per us can achieve 500 cr PAT in next 2-3 years and still at 30x. Sansera has pulled of ' Pivot of the Decade'. We hear great things about Dynamatic as well but get valuations comfort in Sansera to re-rate from here as well.

And we are waiting for Happy Forging to also do the magic slowly with focus on data centre as a new business area. Today the co reports earnings and we are closely tracking it.

Stocks in news – too many today
1.⁠ ⁠AB Capital: announced a capital raise of Rs40bn (12% of FY26 consol. BV) through preferential issue of shares to ABG companies (Grasim, Suryaja Investments) and IFC at Rs356.02/share (we are amid a super cycle of credit growth and NBFCs will lead it)
2.⁠ ⁠Samman Capital v strong concall: Q1 FY27 disbursements guided 50–60% higher vs Q4. FY27: ₹30,000 cr disbursements, ₹1,400 cr PAT, 1.8% ROA, 3.5% NIM, 50% cost-income. FY30 targets: 4.4% ROA, ~8% NIM, 26% cost-income, 18% ROE, ₹72,000 cr disbursements (a dark horse to study for sure)
3.⁠ ⁠SamvardhanaMotherson — Concall KTAs — Q4FY26: FY27 capex ₹6,000cr (±10%), 50% growth capital; 16 EM facilities targeting FY27 ops; Vision 2030 USD 108bn gross revenue (47% CAGR); dividend payout aspiration 40% vs current 16.4%.

Good earnings
1.⁠ ⁠Sansera Engineering 4QFY26 earnings review: BLASTTTTTT. Revenue ₹999 cr (+28% YoY). EBITDA ₹193 cr (+52% YoY) — margin 19.3% (vs 16.3% in Q4FY25). PAT ₹123 cr (+108% YoY) — margin 12.3% (vs 7.6% in Q4FY25). ADS segment FY26 revenue ₹316 cr (+155% YoY); Q4FY26 ADS revenue ₹110 cr. FY27 ADS revenue guidance ₹550-600 cr
2.⁠ ⁠Xpro 4QFY26 earnings review: Topline under pressure with a YoY decline yet profitability has more than doubled. EBITDAM expansion of 201bps due to input cost management and cost discipline. But large chunk of PAT is from other income and forex gains. Overall, operationally stable but still not yet in strong growth phase. EBITDA at Rs 14cr vs Rs 9cr QoQ vs Rs 13cr YoY (60.76% QoQ and 5.18% YoY). PAT at Rs 13.25cr vs Rs 6.82cr QoQ vs Rs 6.57cr YoY (94.11% QoQ and 101.49% YoY)
3.⁠ ⁠Siyaram Silk Mills 4QFY26 earnings review: super: Revenue ₹871 cr (+16.1% YoY, +36.3% QoQ). EBITDA ₹152 cr (+21.0% YoY, +80.1% QoQ) — margin 17.4% (vs 16.7% in Q4FY25, vs 13.2% in Q3FY26). PAT ₹95 cr (+30.6% YoY, +125.8% QoQ) — margin 10.9% (vs 9.7% in Q4FY25)

In-line earnings
1.⁠ ⁠NA

Weak earnings
1.⁠ ⁠NA

Warm regards,
Omkara Capital Private Limited, India
www.omkaracapital.in

Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.