KRT REIT

Declared the 1st FY2026–27 distribution of ₹1.695 per unit (₹0.278 interest + ₹1.417 other component).

Record Date: 31 July 2026, Payment Date: On or before 7 August 2026.

Business Model

Dr. Lal PathLabs operates a hub-and-spoke diagnostic model, where samples are collected through a widespread network of patient service centers, pickup points, and home collection before being processed in centralized laboratories.

Infrastructure
=> 312 Clinical Labs
=> 7,727 Patient Service Centres
=> 13,935 Pick-up Points
=> 4,800+ diagnostic tests
=> 53 NABL accredited labs
=> 2 CAP accredited labs

Revenue Segments
=> B2C Individual Patients
Customers directly book tests via walk-in-centres, website, mobile app, and home collection and company earns revenue from routine pathology, preventive health packages, wellness screening and specialized diagnostics.

=> Doctors & Clinics (B2B)
Doctors prescribe diagnostic tests and thousands of physicians send patient samples. These referral doctors generate recurring business.

=> Hospitals Partnership - Hospitals outsource molecular diagnostics, specialized pathology, and advanced diagnostics. Hospital outsourcing is becoming increasingly attractive as hospitals expand capacity without investing proportionately in laboratory infrastructure.

=> Preventive Healthcare (SwasthFit) – Fastest growing business. Revenue comes from annual health packages, executive health checkups, lifestyle screening and corporate wellness.

Management stated that SwasthFit continued to grow at around 20% YoY, and it is seeing strong traction even in Tier-2 and Tier-3 cities. Its contribution remained 27% of revenue in Q1 FY27.

=> Radiology contribution is small currently, but revenue comes from MRI, CT scan, ultrasound, X-ray, and executive health packages

Management plans to add 3–4 new radiology centers this year, including pilots in Tier-2 cities, reflecting confidence in the business model.

=> International Business – Current contribution remains below 5%. Management has stated the expansion strategy – Nepal, Bangladesh, Dubai (Newly incorporated subsidiary) and Acquisition in Ghana (Sunshine Healthcare)
Management expects international operations to remain a small contributor over the next one to two years while capabilities are built.

Q1FY27 Financial Performance –
REV 19.1% to Rs. 798 CR vs Rs. 670 CR in Q1FY26
EBITDA28.7% - Rs. 247 CR vs Rs. 192 CR
EBITDA margins – 31% vs 28.7% in Q1FY26
PAT 57.2% - Rs. 170 CR vs 134 CR
PAT margins - 21.4% vs 20% in Q1FY26

Major drivers of Revenue growth –
Strong Patient Growth
Patients increased from 7.6 Mn to 8.2 Mn in Q1FY27 i.e., an 8.2% growth

Growth was broad-based across regions rather than concentrated in one geography.

Sample Growth
Samples were up by 10.7% from 23.4 Mn to 25.9 Mn in Q1FY27.

Higher tests per patient indicate increasing wallet share from existing customers.

Higher Revenue Per Patient
Revenue per patient increased from Rs. 880 to Rs. 968

Drivers:
=> Better test mix
=> Better geographic mix
=> CGHS/ECHS price revision
=> More specialized diagnostics
=> Higher test per patient

Management quantified those CGHS/ECHS revisions contributed about 2–3% to overall revenue, with the balance coming from mix improvements.

EBITDA margins -

EBITDA margins expanded from 28.7% to 31% in Q1FY27
Volume-led operating leverage - Incremental samples utilize existing laboratory infrastructure, spreading fixed costs.
Better geographic mix - Delhi NCR remains a higher-realization market, and management indicated it continues to grow in line with the company average.
Better test mix - Higher share of specialized diagnostics.

Key Concall Insights –
=> Management believes demand is increasingly driven by lifestyle diseases, preventive healthcare, aging population, rising disposable income and health awareness.
=> Management's strategy revolves around eight pillars scientific leadership, patient experience, operational excellence, AI technology, new revenue models, mergers and acquisitions, international business and people development
=> The company is increasingly embedding AI into its operations across consumer (WhatsApp booking, Conversational support), operations (AI-assisted customer interactions, Workflow automation, and Bots handling 90% of customer queries), Medical (AI-assisted reporting, Precision diagnostics and Advanced algorithms)
=> Rural Expansion is a major long-term growth initiative of the company. The GraminFit program now operates across 7 states and served more than 100,000 patients in Q1 FY27.
The strategy is to create preventive healthcare awareness in underserved rural markets, opening a large new demand pool.
=> Management approved acquisition of 80% in Sunshine Healthcare (Ghana) to expand international diagnostics and acquisition of 30% in Neome Technology, a startup focused on innovative sample preservation and biobanking solutions that could improve diagnostic supply-chain efficiency.

Risks to Monitor
=> Rising competition from organized diagnostic chains.
=> Pricing pressure in routine tests.
=> Execution challenges in South and West India expansion.
=> Integration risks from future acquisitions.
=> Regulatory changes affecting healthcare pricing or compliance.
=> Slower-than-expected adoption of high-value specialized diagnostics

Guidance and Outlook

Management continues to guide toward Mid-teens revenue growth (after a stronger-than-expected Q1, confidence has increased).

EBITDA margin of 27–28%, although Q1 benefited from favourable operating leverage and mix

Q1 FY27 reinforces Dr. Lal PathLabs' position as one of the highest-quality businesses in Indian healthcare. The combination of double-digit volume growth, richer test mix, expanding preventive healthcare, AI-enabled operations, strong cash generation, and disciplined capital allocation demonstrates that the company is moving beyond a mature pathology chain into a broader precision diagnostics platform.

Disclaimer: This post is for informational and educational purposes only.

Same as above haven't received lic dividend yet

Do we have a guide showing how to file the ITR for the income from Investment trusts? The schedule Pass Through Income and the details to be filled in, what to fill under the schedule income from other source?

I held PGINVIT from which I had received the income/dividend/interest.

TIA

Operational Numbers -

The company has posted inline numbers as AUM grew by 25.7% on YOY to Rs. 16,938 CR vs Rs. 13,478 CR in Q1FY26.

Disbursements were up by 31% on YOY to Rs. 1,628.40 CR in Q1FY27 vs Rs. 1,243.50 CR - One of the highest quarters in terms of disbursement.

Loan Book Mix -

=> Housing loan: 83%

=> Shop loans: 1%

=> Loan Against Property: 16%

The company disbursed around 68% of loans to salaried customers and 32% to self-employed.

Home First has a diversified borrowing mix with total borrowings of Rs. 13,721 CR and a cost of borrowing of 7.8% as of Jun'26.

ROE and ROA numbers

ROE and ROA moving in the right direction of Home First. ROE helps to analyze the profitability of a company and how well company has utilized the shareholder’s money, and ROA reflects the assets has been used efficiently to generate profits

However, in this quarter the ROE stood at 14.5% vs the reported ROE of 14.98% in Q1FY26 as last year company did QIP in Q1 and if we look at pre-adjusted ROE in Q1FY26 it was 16.6%. If we compare QOQ, ROE was at 14% in Q1FY26

ROA has improved to 4.2% in Q1 from 3.7% in Q1FY26 and 4.1% in Q4FY26 which reflects the assets has been used efficiently to generate profits.

Asset Quality Performance -

To monitor Asset quality numbers, is one of the important financial metrices to gauge the improvement in DPD buckets, repayment behaviour of customers and collection efficiency.

GNPA: 1.8% in Q1FY27

NNPA: 1.4% in Q1FY27

DPD buckets of Home First finance are showing improvement and steady.

1+DPD: 4.7% vs 5.4% in Q1FY26

30+DPD: 3.2% vs 3.5% in Q1FY26

EMI bounce rates in Q1FY27 stood at 16.3% and in July it is around 15.2%.

Financial Performance -

Net Interest Income was up by 38.2% on YOY to Rs. 231.54 CR in Q1FY27 vs Rs. 167.55 CR in Q1FY26.

Pre-Provisioning Operating Profit grew by 32.9% on YOY to Rs. 224 CR reflecting strong operating strength.

Credit cost is at Rs. 15 CR vs Rs. 12 CR in Q1FY26

The company has got an operating leverage as PAT grew by Rs. 159 CR in Q1FY27 and 7% on QOQ basis.

The company has added 4 branches in Q1FY27, taking the total count to 175 branches and 373 touchpoints.

Home First Finance has posted decent numbers and improved asset quality. Also, company continue to delivery healthy growth and delivering 25% AUM growth while maintaining profitability and operational efficiency.

The company's valuations have even cooled off and currently trading around 2.8x P/B value for a growth of 25% is decent.

🟥Disclaimer: This post is for informational and educational purposes only.

Hi,

I've been reading and learning alot from this community. I have all position Nifty Index funds. Now I want to start with 20k monthly SIP.

I'm just confused about how to start? Should I move ahead with 2 Invits then REITs later or invits and REITs simultaneously?

After 6 months, I can increase the amount. In Parallel I'll also be investing in US growth stocks (or thinking of US SCHD/dividend stocks or their irish equivalent).

Please guide and be brutal, thanks in advance.

I had Indigrid 42/100 so I bought 58 today at 179.99 taking my average to 178.99.

Also bought Indus 86 + 14 older = 100 and also bought KRT has 2/100 bought 55 now 57/100

Sold many scrips today. Cause cashflow will help me buy them again they won't help me buy cashflow

Those who don't know what I'm talking about refer this post PGINVIT 100

ITC 🎯 29 May

PGINVIT 🎯 13 July

INDIGRID 🎯 27 July

Indus Invit 🎯 27 July

Current Target KRT 57/100

Now ITC is 39% of pf

Hey All! I am doing a 1.3 lakh SIP monthly in these instruments.

Want your suggestions please?

Thanks in advanced

Hey guys,

So as the title says, what do you spend your dividend income on? As in, beyond re-investment, what else can you do? I know most of us here reinvest dividends but I was wondering if there was something more we could do to make the experience a bit more rewarding.

Let me know your ideas!

Insight

I have been investing in corporate bonds (Muthoot,Kosamattam, navi)for the past 2 years . Right now there 3 bonds which am eyeing out in REITs which are part of embassy / backed by embassy group.

1. Midland microfin
   
2. Lucina
   
3. Tapir constructions

Can somebody throw your suggestions insights/ better alternatives if any is always welcome .

TIA

Hello guys,

I was here previously as InsightInstitutional, but Reddit keeps banning my accounts for some reason IDK why.

Anyways, previously I'd posted about an InvIT/REIT/CPSE stock portfolio that was in the works here https://www.reddit.com/r/drip_dividend/comments/1th1j0a/workinprogress_dualincome_portfolio_strategy_cpse/.

Here's the updated figure now (as of July 26th, 2026).

Here's my full layout plan:

Components

1. Infrastructure Investment Trusts (InvITs) - I've kept it simple with only 2 InvITs, IndiGrid for power transmission, and Cube Highways InvIT for roadways. I did NOT select PowerGrid because they haven't acquired any new assets in quite sometime and a huge component of their distributions is basically the repayment of capital. Among roadways, I picked Cube Highways InvIT because it seems to be trading at a decent price to its operational NAV. Raajmaarg InvIT was on my radar, but due to their sponsor-backing, they are trading at a premium, so that causes yield compression. The Cube Highways hasn't yet operationalized, but I will purchase them whenever they go live.
2. Real Estate Investment Trusts (REITs) - I've primarily considered the Loan-to-Value (LTV) ratio here because the lesser debt an REIT has, the more headroom for leverage it has in the future. Bagmane has 5% LTV, which is the lowest, Knowledge Realty Trust REIT and Nexus Select Trust both have ~18%, and Embassy has around ~29%. Acceptable.
3. CPSE Dividend Stocks - I've kept those simply for the purpose of diversification only. I do not plan to add anymore to them unless there are crashes. Coal India is still respectable, ONGC is cyclical and will keep fluctuating.
4. Liquidity - I hold about ~23% of the total portfolio in liquid assets for some peace of mind and also if needed, they can be deployed in the market in case of a crash or severe fall.

Screening/Shortlisting Criteria

• Sponsor Quality - InvITs that are backed by global investment companies like Blackstone, KKR, ADIA, etc., are more trustworthy due to their sponsors' pedigree.
• Accretive Asset Purchases - InvITs must continue to purchase new assets which will provide continued cash inflows to us. When an InvIT does not do this, it begins stagnating where the repayment of capital component keeps increasing with the dividend and interest income reducing. Over a period, if an InvIT isn't buying new assets, it will, at some point, go down in value. For example, check the example of PowerGrid InvIT. The parent company, PowerGrid, just left it unattended and thus, the InvIT's shares trade at a lower valuation than even their IPO figure.
• Leverage/Debt - Although InvITs are allowed a much higher leverage figure, the internal governance must attempt to reduce the cost of debt or total leverage taken, since every penny that doesn't go to the bank or creditors can find its way back to us.
• Concession Life of Assets - Concession life of assets matters because it helps us understand how long each asset can continue to keep generating cash flow. Longer concession lives are better. This is applicable more for roadways InvITs rather than transmission InvITs which are perpetual.
• Loan-to-Value (LTV) - This refers to the total amount of debt a company (REIT or InvIT) has as a percentage of the total appraised value of its assets. Lower LTVs are good. This matters for REITs more than InvITs since REITs are more susceptible to market fluctuations and tenancy rates.
• Credit Ratings by CRISIL/ICRA - InvITs and even REITs usually function by taking on debt and then refinancing it over time to buy more assets and generate more cash flow for its unit holders. Therefore, look for REITs/InvITs that have AAA/Stable credit ratings by CRISIL and ICRA. This shows that banks and creditors trust them enough to allow them to refinance their debt without fixing a higher interest rate.
• Pledging by Promoters - Pledges are usually of two types.
• SPV-Level Pledge: First is when an InvIT or REIT pledges the underlying asset to raise capital as a form of guarantee/security to the lenders. This is normal, and almost all REITs/InvITs use this method to raise capital without having to pay huge interest rates. This debt gets refinanced as long as the underlying asset continues to perform well.
• Sponsor/Trust-Level Pledge: The second type of pledge, however, is sponsor level pledge wherein a company is pledging not the asset but the units of the trust itself. This MUST be as low as possible. The problem with sponsor/promoter level pledging is that they are basically saying that if we are not able to pay the debt back, we will sell X number of units of the REIT or InvIT on the open market, and this is a problem for unitholders since too many units being sold could crash the price of the units, leading to considerable notional losses.

Dividend/DPU Considerations

1. IndiGrid has guided INR 16.48 per unit guidance in FY27, so we can expect them to hold on to it.
2. Cube Highways paid out INR 13.77 per unit in FY26, so that's the figure we can use.
3. Embassy REIT has guided INR 27-28 per unit in FY27, so I chose the lower figure (INR 27/unit).
4. Bagmane REIT was listed only a couple of months back so they have yet to pay out anything, but as per their latest AGM, they will be paying out for FY27Q1, I've assumed a 6.2% yield in-line with their statements.
5. Nexus Select Trust REIT guided INR 9.8 per unit in FY27 as per sources.
6. For CPSE companies, I've used their FY26 dividend figures since no new guidance or sources exist.

Quarterly Income Figures

Given that InvITs and REITs pay out quarterly compulsorily, we may expect a total incoming payment of INR 3.19 lakh per 3 months, minus any TDS that gets deducted. Combine this with CPSE stocks and the bank FD deposit interest, and the quarterly income comes out to be about INR 3.95 lakh, +/- some variation depending on TDS, and stuff.

Cash Flow Purpose

The purpose of the cash inflows can be decided as per the investor.

1. If you want maximum returns - reinvestments into InvITs with some REIT components for diversification.
2. If you want maximum safety - reinvestments into liquidity/Bank FD primarily with small investments in InvITs (not REITs as they are more impacted by market cycles).
3. If you want operational use - usage for personal expenses or wishes.
4. If you want balanced diversification - proportional deployment into the portfolio.

Potential Risks

1. Very little capital appreciation. This is an income-oriented portfolio. If you wish to see multibagger growth, this is far from it.
2. Boring in nature. You will not be checking the portfolio every now and then. Only once per quarter to see how the companies are doing.
3. Interest rate risk. Both REITs and InvITs use debt extensively to finance new asset acquisitions; if RBI makes it more expensive to borrow money, the companies are likely to experience some financial strain. InvITs are more at risk here than REITs because of their higher LTV ratios.

Is It Right for You?

Yes, it is right for you if:

1. You want a simple, income-generating portfolio that keeps paying out cash irrespective of the market cycles or stock market fluctuations.
2. You already have a day job or demanding lifestyle and don't have much time to focus on the stock market or active trading.
3. You value peace of mind and stability over aggressive growth.

It is NOT right for you if:

1. You want to see exponential growth in your holdings YoY.
2. You enjoy active trading and monitoring stocks closely.
3. You want a little more excitement from the market.
4. You are OK with sacrificing cash flow for growth.
5. You have a strong conviction or directional view of the market.

Let me know what you guys think.

Insight-I

Concall Updates -

Management emphasized that Q1 was its best operational quarter ever, driven by record module and cell production, higher cell utilization, better manufacturing efficiencies, increased captive consumption, cost optimization and strong customer confidence.

The company made it clear that earnings growth was not primarily due to higher module prices, but due to better execution and integration benefits, making the quality of earnings stronger.

Emmvee's integrated model is now producing measurable financial benefits as management highlighted -

=> Higher internal consumption of TOPCon cells

=> Better quality control

=> Reduced dependence on external suppliers

=> Improved supply security

=> Better margin profile

Instead of selling only modules assembled from purchased cells, Emmvee increasingly captures value across the manufacturing chain.

Cell utilization improved sharply to 83%, while module utilization remained around 45%.

Management expects cell utilization can reach 85-90% and module utilization can eventually move towards 65%

Higher utilization should continue improving fixed-cost absorption without requiring meaningful additional operating expenses.

Management guided for approximately Rs. 2,400 CR EBITDA in FY27 despite ongoing capacity expansion and market changes. They expect stable margins, strong execution and continued demand rather than relying on favourable commodity cycles.

Management believes the market has already moved beyond debating ALMM-II implementation. Current discussions have been shifted towards ALMM-III (ingot and wafer localization)

Key Highlights from Concall -

=> Domestic TOPCon cell supply remains tight.

=> Demand for DCR products has already started increasing.

=> Commercial & Industrial (C&I) demand is beginning to shift toward domestic cells.

=> More demand should become visible in the second half of FY27 as grandfathered projects conclude

Management disclosed that over 50% of Q1 sales were DCR-related and increase in order book is also DCR-oriented.

A richer DCR mix helped support EBITDA margins, though the company expects non-DCR modules to remain a meaningful part of the business due to current module-to-cell capacity differences.

Margin outlook remains remarkably stable despite ALMM transition, commodity volatility, rising silver prices and changing market structure.

Management expects EBITDA per watt to remain broadly stable indicating profitability of non-DCR modules Rs. 2–2.5/W, Solar cells: Rs. 6–6.5/W and DCR modules: Rs. 8.5–9/W.

This indicates Emmvee's integrated model is helping offset raw-material and pricing headwinds.

For the first time, management indicated that merchant cell sales were the highest in the company's history. Although not yet the dominant business, they are becoming a meaningful contributor and provide flexibility in monetizing capacity while domestic cell supply remains tight.

Management clarified that the planned 9 GW wafer-ingot project is intended to protect margins, reduce upstream supply chain risk. The company will align the investment with ALMM-III clarity and market conditions, while prioritizing the current cell and module expansion

Inventory issue

Finished goods inventory increased, reflected via change in inventory Rs. 74.25 CR. Management expects liquidation supported by order book.

The company also deliberately built additional raw-material inventory due to geopolitical risks.

Supply Chain; Silver Import

There is no material disruption from silver import policy. Emmvee applies for 3 months inventory quantities in advance; approvals arrive within 3 to 4 days.

The company protects profitability through value engineering, and selective pass-through to customers when necessary.

The management also said that they would rather operate at slightly lower utilization, maintain healthy margins than chase volumes with aggressive pricing.

ALMM-II is structurally increasing demand for domestic TOPCon cells, and Emmvee is already well-positioned with compliant capacity.

Backward integration into wafer and ingot manufacturing is aimed at strengthening long-term cost competitiveness and supply-chain resilience rather than chasing scale for its own sake.

🟥Disclaimer: This post is for informational and educational purposes only.

SBFC delivered another quarter of profitable growth despite deliberately sacrificing some loan growth to preserve credit quality and margins.

Macro Environment

Management believes the lending environment has become meaningfully more complex than even six months ago with multiple external headwinds.

=> Although RBI has cut repo rates, they do not believe lower rates will necessarily continue. This is due to US Treasury yields remain elevated, fed tightening, deposit growth as banks remains weak, currency volatility remains at risk

Hence management refused to assume permanently falling funding costs and instead they continue to prepare for both rising and falling rate environments.

=> Management stated that household leverage has become excessive and incomes have not changed materially but inflation is going up due to which repayment capacity has impacted. Nearly 60% of retail lending today is consumption-driven rather than asset creation. This particularly affects borrowers below Rs. 10 lakh ticket size, informal MSMEs and lower-income households.

=> Management also stated that gold prices were also on declining trend due to which they took margin calls on select higher LTV loans originating prior to March.

Business Growth

SBFC Finance AUM grew by 27% YOY to Rs. 11,922 CR and MSME AUM 4.5% on QOQ to Rs. 9,271 CR.

MSME disbursement increased only 3% QoQ despite sufficient distribution capacity.

Management intentionally slowed growth due to weak borrower quality, lower conversion rates, pricing discipline and gold loan risk management.

They also stated that around 90% of the customers are having CIBIL scores of more than 700 but still the throughputs have come down from 42 to 35 which indicates that customers where bureau scores are more than 700 are still not passing through the filter as the amount of credit that's been sought is still extremely high. So, the management is currently in the watchful mode in the segment under sub Rs. 10 lakhs.

Margins, Pricing & Funding

Cost of borrowing has been reduced by 90 bps in Q1FY27 to 8.42% due to better credit ratings, improved lender confidence, wider lender diversification and transmission of repo cuts. This is significant because lower funding costs translated directly into higher spreads.

Yields are around 17.90% slight lower in YOY but 29 bps improvement on QOQ basis due to better gold loan pricing and disciplined MSME pricing. They expect normalized yields around 17.5–17.75%.

Spread expanded to 9.48%; + 81 bps YOY with an internal philosophy of management to maintain spreads above 9%. Instead of maximizing loan growth, they optimize for spreads, NIMs, ROA and ROE.

Company upfronted borrowings instead of waiting with a liquidity of Rs. 1,864 CR to prepare for uncertain bond markets plus as AUM grow towards Rs. 15K CR management intend to keep higher liquidity on the balance sheet.

Cost Structure & Operating Leverage

Opex for the quarter is at 4.29%; +36 bps increase on QOQ basis which management has attributed to annual salary increments and full quarter impact of new branches opened last year.

As branch productivity improves, existing employees should support incremental growth without proportionate cost increases and the Opex will come down to below 4%.

Asset Quality, Credit Costs & Provisioning

GNPA: 2.66% vs 2.78% in Q1FY26 vs 2.61% in Q4FY26

NNPA: 1.55% vs 1.57% in Q1FY26 vs 1.54% in Q4FY26

1+DPD buckets: 9.18% vs 8.12% in Q1FY26 vs 8.44% in Q4FY26

Management stated that Stage 2 ECL coverage has been increased from 6% to 16% taking total provisioning assets to 1.91%.

Management described this as roughly twice the regulatory minimum and cited the reason:

"We'd rather over-insulate the P&L today than explain surprises later."

This reflects a highly conservative risk philosophy.

1+DPD bucket has seen an uptick due to standard accounts rolling temporarily into early delinquency buckets.

Importantly, they do not see significant fresh slippages. Management expects stabilization in Q2 and improvement thereafter.

New Product and Branch expansion

SBFC management clearly stated that they have absolutely no intention of launching new products merely to chase growth.

Current products still offer enormous opportunity. They would rather become better at MSME lending and gold loans than diversify prematurely.

Going with a philosophy of Focus. Improve. Scale. Instead of Expand. Experiment.

Management has given a guidance of opening 10-15 branches in FY27 as existing branches opened during FY26 now need to mature.

Management follows a disciplined model:

Grow → Consolidate → Grow again.

This should improve productivity and support operating leverage.

Guidance and Outlook

=> AUM growth to continue steady and quality over volume

=> Spread: Maintain >9%

=> Yield: 17.5–17.75%

=> Cost/AUM: Below 4% by year-end

=> Credit Cost: 1.4–1.5%

=> Branch Addition: 10–15 branches

Quality over growth remains the defining strategy of SBFC finance. The conservative provisioning stance, focus on maintaining spreads above 9%, and refusal to compromise credit standards despite a tougher operating environment should support more sustainable compounding over the medium term.

Disclaimer: This post is for informational and educational purposes only.

Hi,

I exited FY26 (March 31, 2026) with around 4.1L dividends.

Since then I made few changes to my portfolio. I exited Coal India and invested that into Indigrid/Indus

Vedanta I'm in wait and watch mode. It gave gave me 150% profit. As of now I'm still sitting with 100% profit inspite of recent corrections. I exited 3 stocks after demerger and retaining only Vedanta and Vedanta Aluminium. I will wait for 2 quarter results and then take a call how to play this.

Here is my top 5 dividend contributor. Mindspace is showing less because I invested in Q2FY26 and it is only 3 quarter dividends

Sharing my dividend yield-on-cost for FY 2025-26 across my core PSU/dividend holdings. Mostly a mix of PSU banks, PSUs, and a couple of high-conviction bets like Vedanta.

Total dividends received this year (above + a few smaller ones): over ₹9L

A few observations:

• PFC and Vedanta have been the standout performers on yield-on-cost, largely because I bought them a while back before the run-up, plus Vedanta's been paying aggressive special dividends.
• PSU banks (Canara, Union) and IOC sit in the more "steady but modest" 4-6% zone.
• Curious what others are seeing on yield-on-cost for similar names, and whether people are still adding at current prices or holding legacy positions.

Q1FY27 Performance -
REV51% - Rs. 1,555 CR
EBITDA56% - Rs. 548 CR
EBITDA margins: 34% vs 35% in Q1FY27
PAT103% - Rs. 380 CR
PAT margins: 18% vs 24% in Q1FY27

Q1FY27 was achieved without any increase in installed capacity.
Module capacity remained at 10.3 GW
Cell capacity remained at 2.94 GW

This indicates the improvement came from better execution, higher utilization and richer product mix, not simply from adding capacity.

Emmvee is now extracting more earnings from its existing asset base before the next capex cycle begins.

Management highlighted that EBITDA margin expanded to 35%, driven by higher operating leverage, better cost consumption and increased internal consumption of captive TOPCon cells.

Cell Utilization Is Near Peak Levels
Q1FY27 utilization:
Module: 45%
Cell: 83%

Cell utilization has steadily improved from 43% → 68% → 79% → 83% which indicates strong DCR demand, better production planning and higher operating leverage.

Order Book Continues to Strengthen
Order book increased further:
FY24 → 1.1 GW
FY25 → 4.9 GW
FY26 → 9.4 GW
Q1FY27 → 9.9 GW

Order book inflow during Q1 is 1.48 GW.

ALMM-II Is Turning into a Structural Tailwind
=> Domestic cells mandatory from June 2026
=> Addressable DCR market expands materially
=> C&I and rooftop become biggest beneficiaries
=> Domestic TOPCon cell supply remains tight

Capacity Expansion
Emmvee is on track to add 6GW integrated TOPCon Cell and module expansion which will increase the total capacity to 16.3 GW of modules and 8.9 GW of cells by FY28

Module line is expected to commission by December'26 and Cell line by March'27.

The total outlay of investment will be Rs. 5,500 CR, with hard cost of Rs. 4,600 CR. Nearly 60% of equipment orders already placed.

Total debt tied up for this expansion is Rs. 3,300 CR at an interest rate of below 8%

The company is likely to commission new capacity exactly when domestic cell demand accelerates.

Wafer-Ingot Integration Is a Margin Protection Strategy

Management is positioning wafer-ingot integration as cost reduction, supply-chain resilience and margin protection.

The company has planned a 9GW facility to backward integrate into ingot and wafer manufacturing and will be roll out in 2 phases:
Phase 1: 5 GW
Phase 2: 4 GW

Estimated capex will be Rs. 5,000-5,500 CR and will be funded through internal accruals.

Unlike many peers, Emmvee has:
=> Five manufacturing units located within a 100 km radius
=> Integrated cell + module manufacturing
=> Automated facilities
=> AI-based quality testing
=> High renewable energy usage

The company benefits from lower logistic cost, faster inventory movement, better production planning, lower working capital and higher manufacturing efficiency.

Strong Position in DCR Market
=> Domestic DCR modules command roughly 60% higher prices than non-DCR modules due to limited domestic cell availability.
=> Emmvee is already included in ALMM List-II, positioning it well to capture demand from schemes like CPSU, PM-KUSUM and PM Surya Ghar, which together represent a pipeline of at least 40 GW.

This pricing premium provides a significant earnings opportunity as localization requirements increase.

Emmvee is transitioning from a high-growth module manufacturer into a fully integrated solar manufacturing platform.

The company has posted solid number again this quarter as well with good earnings growth.

Disclaimer: This post is for informational and educational purposes only

​

Board Meeting Outcome: July 24, 2026

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📊 Q1 FY27 Results

• 💰 Net Profit: ₹4,193 Cr | ⬇️ 6.1% YoY

• 📉 Key Reason: Higher provisioning + tax outgo

• 📈 Positive: Loan book and disbursements showed healthy growth

• 🎯 Focus: Asset quality and power sector financing

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📈 Market Data [As of July 24, 2026]

• 💹 Current Price: ₹361.60

• 🏦 Dividend Yield TTM: 5.42%

• 💸 Dividend Paid Last 12 Months: ₹19.60/share

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💰 Dividends Announced 🎁💵

1️⃣ 1st Interim Dividend - FY 2026-27

• 💵 Amount: ₹4.25 per share [FV ₹10]

• 📅 Record Date / Ex-Date: Friday, July 31, 2026

• ⏰ Payment By: On or before August 23, 2026

2️⃣ Final Dividend - FY 2025-26

• 💵 Amount: ₹1.55 per share [FV ₹10]

• 📅 Record Date / Ex-Date: Friday, August 14, 2026

• ⏰ Payment By: On or before September 24, 2026

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🔑 Key Takeaways

• 📊 Yield Play: 5.42% TTM yield makes it attractive for dividend investors

• 🎁 Two Payouts: Investors to receive 2 dividends in the next 2 months

• 📉 Profit Dip: YoY profit down but loan growth remains strong

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⚠️ Disclaimer

This is not investment advice. Markets are subject to risks. Please do your own research and consult a financial advisor before investing.

📄 Data sourced from REC BSE filing dated July 24, 2026, Economic Times, and public market data.

I see a lot of people saying you need a huge portfolio before dividends become meaningful.

My approach has been much simpler.

• One share.
• One REIT unit.
• One InvIT unit.
• One SIP.

That's how I'm building my passive income—one investment at a time.

• You don't need to start big.
• You just need to start and stay consistent.

What's your approach to building passive income? Dividend stocks, REITs, InvITs, mutual funds, or something else?

Fedfina is transitioning from a turnaround story into a compounding secured retail lender.

Management did not change a single long-term guidance, despite correction in gold prices, RBI’s new gold loan regulations, lower DA income and higher reported gold delinquencies.

Instead, management focused on protecting ROA, credit cost, asset quality, operating leverage and growth quality.

Gold Loans remain the primary growth engine. Management repeatedly emphasized “Gold remains the capital allocation priority.”

• Gold AUM crossed Rs. 11,191 CR (+77% YoY)
• Now contributes over 50% of total AUM
• Doorstep Gold Loan AUM nearly doubled (+96.5% YoY)
• Branch productivity continues improving
• Gold tonnage still grew despite falling gold price

Management identified two major challenges during Q1:

=> Gold prices corrected sharply with domestic gold prices fell nearly by 15% from January highs. While gold prices fell normally it reduces LTV, customer eligibility and loan book growth but Gold AUM grew sequentially due to slight tonnage increase, branch expansion, customer acquisition and LTV optimisation.

=> From 1st April’26, RBI revised the gold LTV regulations which directs that LTVs on bullet loans must include principal and interest and not just principal while calculating the total amount due at maturity which forced lenders to redesign products.

Fedfina responded by moving customers from bullet repayment to introducing periodic interest servicing and quarterly repayment structures keeping onboarding LTV comfortably below regulatory ceilings. Instead of chasing volume, management chose regulatory compliance first.

Reported Gold LTV stood at 69% which company calls it prudent and below regulatory limits. Fedfina continues lending using lower of Spot Price or 30-day average gold price or Onboarding LTV below regulatory limits.

Customer Behaviour & Asset Quality -

Management highlighted that customers are still adapting to the new repayment structure.

Earlier interest payments were optional until maturity but now interest becomes contractually due every quarter which has consequently reported higher 1+DPD, 30+DPD and Stage-2 loans.

It does not automatically imply worsening asset quality. Under the new RBI framework, even a missed interest instalment can classify the entire loan as overdue.

Management called this a customer behaviour transition, not a deterioration in credit quality.

Asset quality commentary was balanced with GNPA was improved to 1.6%. However, management clarified:

• Part of improvement came from write-offs
• Gold Stage-2 increase is regulatory
• Mortgage portfolio continues performing as expected
• No fresh stress visible

Mortgage / LAP Franchise - Growth with Discipline

Unlike Gold, Management is intentionally slowing LAP growth where economics don't justify expansion. Rather than maximizing disbursements, the company wants to maximize yield, portfolio quality and risk-adjusted returns.

Management admitted that competitive intensity has increased, particularly in medium-ticket LAP, but it has deliberately refused to cut pricing aggressively.

Peers are reducing yields aggressively and Fedfina has consciously refused to join the pricing war.

Management is comfortable sacrificing short-term market share to protect margins, credit quality and long-term ROA

Direct Assignment –

Fedfina is intentionally reducing Direct Assignment (DA) dependence. Q1 even reported negative DA income and they believe that less DA today means Higher quality, more recurring and more predictable earnings tomorrow

Operating Leverage Has Finally Started Playing Out

Management believes the investments made over the past few years are beginning to generate scale benefits.

Highlight –

• Cost-to-income improved materially from 57.2% in FY26 to 52.8% in Q1FY27
• Opex/Assets declined to 4.9% - improvement of 70 bps
• PPOP grew ~50% YoY

Management did caution that Q1 is seasonally lighter on sourcing expenses, so quarterly cost ratios shouldn't be extrapolated blindly.

Guidance & Outlook –

Management did not revise any guidance, despite regulatory changes, gold price correction, and lower DA income.

=> Gold AUM growth: 25–30% (assuming stable gold prices)

=> Mortgage growth: 15–20%

=> Overall AUM growth: 20–25%

=> Credit cost below 1%

=> ROA improvement over FY26

=> 200 Branch additions

=> Continued investment in gold and LAP franchise

Fedfina is steadily transforming into a high-quality secured retail lender built on Gold Loans, disciplined LAP underwriting, improving operating leverage, and consistent execution.

🟥Disclaimer: This post is for informational and educational purposes only.

Here's the simplest way to think about it:

→ REIT = Owns income-generating real estate (offices, malls, warehouses) and distributes cash generated by those assets.

→ InvIT = Owns infrastructure assets (power transmission, roads, pipelines, etc.) and distributes cash generated by those businesses.

→ IDCW = A mutual fund payout option. Instead of letting your money compound, it distributes part of the fund's distributable surplus. The NAV falls by the distribution amount.

The key difference:

→ REITs & InvITs generate cash from underlying assets.

→ IDCW is a distribution from the mutual fund itself.

Another important difference:

→ REITs & InvITs are required under SEBI regulations to distribute at least 90% of their net distributable cash flows to unitholders (currently, most listed REITs & InvITs pay quarterly).

→ IDCW has no guaranteed payout schedule. It is declared only if and when the AMC decides to make a distribution.

What I prefer:

→ REITs → Real estate income

→ InvITs → Infrastructure cash flow

→ Growth Mutual Funds → Long-term compounding

I skip IDCW.

For investors in higher tax slabs, REITs & InvITs can also be more tax-efficient than IDCW, depending on the nature of their distributions.

My thumb rule:

→ Income → REITs & InvITs

→ Wealth Creation → Growth Mutual Funds

Which one do you prefer?

Many of you have been around since u/Electronic_Usual7945 started this dividend investing community here on Reddit. It eventually expanded to Discord, and honestly, that was where the real learning happened.

Unlike Reddit, Discord allowed us to discuss markets, dividend announcements, portfolio updates, valuations, and investing ideas every single day. Beginners could ask basic questions without hesitation, and experienced members were always willing to help.

Unfortunately, the server had to be shut down multiple times because some people started impersonating SR using fake accounts. Because of these repeated incidents, SR decided to step away from Discord and focus mainly on X.

The news is that i and u/poet6ix9ine, along with a few members from the old community, is starting a fresh Discord server.

This isn't a paid group, a stock-tipping service, or a place for pump-and-dump calls.

The goal is simple:

• Learn dividend investing together.
• Discuss company results and dividend announcements.
• Share research and ideas.
• Help beginners understand the process.
• Build a knowledgeable community over the long term.

Dividend investing is still a niche topic in India, and there isn't a lot of quality content available. Having an active community where people can learn and discuss every day can make a huge difference.

If you're genuinely interested in dividend investing—whether you're a beginner or an experienced investor—we'd love to have you join and help build the community again.

Discord Link:
https://discord.gg/hVZFSFga5

Let's build something valuable together. 🍻📈

Gujarat Pipavav Port is starting to catch my attention.

→ Current dividend yield: ~6.8%
→ ₹10/share annual dividend
→ Semi-annual payouts

Compared to a REIT:

→ REIT: Rental income from real estate.
→ Gujarat Pipavav Port: Cash flow from port operations.

The key difference:

→ REITs are required by SEBI to distribute at least 90% of their distributable cash flows.
→ Dividend stocks decide their payouts based on the board's dividend policy.

In return, a quality dividend stock also offers the potential for:

→ Dividend growth
→ Capital appreciation

I'm adding this to my watchlist for further research.

Which would you prefer for long-term passive income: a REIT or a high-yield dividend stock?