Centrum Institutional Broking recently hosted its Nakshatra Investor Conference from May 20-22, engaging with managements of 90 corporates in over 1,600 meetings. The brokerage firm identified these companies as 'Shining Stars,' poised for sustained growth amidst India's expanding structural opportunities. Centrum captured critical takeaways from these interactions, covering strategic direction, demand outlook, capital expenditure plans, margin trajectories, and the FY27 outlook for several key players, including HFCL, BSE, Hindustan Zinc Ltd, and Tata Power Company Ltd.
ACME Solar Shifts Focus to Hybrid Projects
ACME Solar is increasingly prioritizing hybrid and Firm and Dispatchable Renewable Energy (FDRE) projects, which promise higher realizations and improved return profiles compared to standalone solar assets. The company aims to significantly expand its operational and contracted portfolio through a diverse mix of solar, wind, hybrid, and storage solutions. Management highlighted strong in-house EPC and project management expertise, contributing to efficient project timelines. High-irradiation projects, particularly in Rajasthan, are expected to bolster Capacity Utilization Factor (CUF) and operational efficiency. ACME is positioning itself as an integrated clean-energy platform, extending its reach beyond renewable generation to modules, green hydrogen, and green ammonia opportunities.
BSE Driven by Structural Derivatives Growth
Centrum Broking noted that index derivatives remain a crucial structural growth driver for BSE. The exchange's management stressed that its derivatives franchise, despite being relatively new, has achieved growth primarily through structural factors rather than incentive-led initiatives, with minimal liquidity enhancement subsidies currently in play. BSE highlighted that liquidity is becoming self-sustaining, with market share gains now driven by ecosystem depth and broader participant adoption, rather than just pricing incentives. The exchange continues to innovate with differentiated offerings such as IT Index derivatives, Bankex, and upcoming Midcap/Next 30 products. Premium turnover nearly doubled year-over-year, and the transition to Thursday expiry has proven beneficial. BSE maintains a strong overall market share of 30 percent, often reaching 60–65 percent on expiry days. Foreign Portfolio Investor (FPI) contribution to index option turnover has risen, indicating increased institutional participation. BSE believes India’s derivatives ecosystem remains underpenetrated, particularly in monthly expiries, institutional hedging, sectoral indices, and commodity/energy derivatives. Key future focus areas include expanding participation beyond weekly expiries, deepening monthly and quarterly contracts, boosting institutional/FPI involvement, building liquidity in stock derivatives, and growing the member ecosystem.
HFCL Targets Significant FY27 Revenue Growth
HFCL, a prominent optical fiber cable manufacturer, projects a 20–25 percent revenue growth for FY27, supported by a robust order book, export momentum, and new product scaling. The company's order book has substantially expanded to approximately Rs 21,200 crore, providing strong execution visibility for several years. HFCL is strategically shifting towards a higher-margin, products-led business model, moving away from lower-margin turnkey contracts. Exports are emerging as a major growth engine, with management aiming for them to constitute a significant portion of revenue over time. HFCL is also aggressively diversifying into defense, aerospace, surveillance, and advanced telecom electronics to reduce reliance on optical fiber. The company anticipates improved working capital intensity as its revenue mix shifts towards private customers and exports. Management also guided for further EBITDA margin improvement, driven by a better product mix, increased exports, and operating leverage.
Hindustan Zinc Reiterates 2030 Production Goals
Hindustan Zinc has reaffirmed its long-term growth strategy, targeting 2 million tonnes of metal production by 2030, comprising 1.6 million tonnes of zinc and 0.4 million tonnes of lead capacity. Management guided for FY27 mined metal production of 1.2 million tonnes and finished metal production of 1.1 million tonnes. Silver production is expected to approach 700 tonnes in FY27, with further growth to 800 tonnes by FY29. The 250,000 tonnes zinc smelter project is ahead of schedule, with commissioning anticipated around FY29. HZL is also diversifying into fertilizer manufacturing through phosphoric acid integration, leveraging higher sulfuric acid output from expanded smelting operations. Additionally, HZL is establishing India’s first zinc tailings recycling project at Agucha, Rajasthan, with a 10 million tonnes reprocessing capacity. Management indicated that technology interventions could potentially contribute Rs 2,000 crore annually to profitability over time.
Tata Power Commits to Clean Energy Transition
Tata Power is aggressively pursuing a transition towards a clean-energy-led portfolio, aiming for 30 GW generation capacity by FY30, with nearly two-thirds expected from green energy sources. Management plans cumulative capital expenditure of approximately Rs 1.25 lakh crore between FY26–FY30, with about 65 percent earmarked for clean and green energy initiatives. The company continues to expand across the entire renewable ecosystem, including utility-scale renewables, rooftop solar, storage, EV charging, transmission, and solar manufacturing. Tata Power is increasingly positioning itself as an integrated energy-transition platform encompassing generation, transmission, distribution, storage, manufacturing, and consumer energy solutions. Management highlighted robust growth momentum in rooftop solar, solar manufacturing, transmission & distribution, and renewable EPC businesses.