Dear Sir,

We would like to share with you a report on Alpha/Alpha Plus stock i.e. Acrysil (BSE Code – 524091)We believe it’s a good company that can grow at decent pace over longer term and has the potential to make it big. The stock report was initiated for Alpha/Alpha + members at around 80 and they are still holding the same at current levels of 610 (7.5 x in 5 years).

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Acrysil (BSE – 524091)

In the kitchen ware industry, we have had several success stories like TTK Prestige, Hawkins, Lao Pala, etc, however there’s another emerging company Acrysil (BSE Code – 524091) which is creating a niche space for itself by focusing on premium segment of the market and offers quartz/granite sinks, SS Sinks, faucets and appliances like hobs, chimneys, built-in ovens, dish washers, etc. For complete product profile of the company, check the following link – http://acrysil.com/

We like the fact that company has tried to differentiate itself from other companies by introducing different kinds of products, be it quartz sinks, dishwashers, wine-chillers, etc and recently 3D tiles and wash basins made from Sani – Q (high quality ‘Quartz’ reportedly patented by Acrysil).

We also like the fact that off-late company has started spending decent sum on advertisement and sales promotion and increased the same by more than 100% in FY 16. The company’s ads can be seen on television, newspapers, magazines, etc. Also, there’s good focus on distribution expansion with company appointing dealers in tier 2 and 3 cities.

With just about 170 crores sales and less than 50 crore sales in India, we believe there’s immense potential for the company to grow though management execution will be a key thing to monitor. On the profitability front as well, we believe there’s good scope for expansion in EBITDA margins and like the fact that company’s gross margins are in excess of 50%.

As mentioned above, key thing to monitor is how well the management executes because at times we do get concerned with the aggressiveness of the management in terms of expansion in product line or their acquisition of a kitchen sinks distributor in UK.

Disclaimer: I have personal investment in the stock since more than 5 years now and this is not an investment advice. Please carry out your own due diligence before investing as there are several risks with such small companies.

Best Regards,
Ekansh Mittal
Research Analyst
http://www.katalystwealth.com/
Ph.: +91-727-5050062, Mob: +91-9818866676
Email: info@katalystwealth.com

Research Analyst

Name: Ekansh Mittal     Email Id: ekansh@katalystwealth.com    Ph: +91 727 5050062

Analyst ownership of the stock: Yes

Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.

Disclaimer: www.katalystwealth.com (here in referred to as Katalyst Wealth) is the domain owned by Ekansh Mittal. Mr. Ekansh Mittal is the sole proprietor of Mittal Consulting and offers independent equity research services to retail clients on subscription basis. SEBI (Research Analyst) Regulations 2014, Registration No. INH100001690

Ekansh Mittal or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst as of the last day of the month preceding the publication of the research report. Ekansh Mittal or its associates/analyst has not received any compensation from the company/third party covered by Analyst ever. Ekansh Mittal/Mittal Consulting/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market-making activity of the company covered by Analyst.

We submit that no material disciplinary action has been taken on Ekansh Mittal by any regulatory authority impacting Equity Research Analysis.

The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision

This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Ekansh Mittal/Mittal Consulting/Katalyst Wealth is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The views expressed are those of analyst and the firm may or may not subscribe to all the views expressed therein. The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon such. Ekansh Mittal or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Neither Ekansh Mittal, nor its employees, agents nor representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Ekansh Mittal/Mittal Consulting or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.

The recipients of this report should rely on their own investigations. Ekansh Mittal/Mittal Consulting and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. Mittal Consulting has incorporated adequate disclosures in this document. This should, however, not be treated as endorsement of the views expressed in the report.

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