Pulz Studio

[Efraine Ton]

Pulzis a modern yet very affordable professional recording and mastering hybrid studio based in Mumbai. India. We are in business since 2010, servicing a lot of renowed production houses, providing a professional yet relaxing environment to support your recording and productions needs in efficient manner. We have two state of art fully equipped studios, with a spacious tracking & iso rooms. Our young innovative team is combining the best of both analog and digital worlds to be able to offer you wide range of high quality services from recording, mixing and mastering to audio production for advertisement, film, games, mobile recording, live sound, video production etc. We keep up with the latest trends and deliver modern sound. We at Pulz work hard until you can't help but say "WOW!".

I found this stock while looking for Micro-Caps (Company is in the business of manufacture and installation of high end speaker systems in multiplexes and studios in corporate setup. It supplies to likes of PVR, Cinemax, UFO and INOX as well as corporates like Reliance, Hindujas as well as Government to Army, Navy, Airports etc. It installs the audio systems on project basis and also undertakes AMCs which forms a small portion of its current revenue.

They have a plant near Mumbai and also a warehouse. They import from OEMs in Europe. I am still trying to understand the value addition that Pulz does as well as what is the competition to the company. This will be key to understand the sustainability of the growth.

Mr. Ramakrishnan Krishnaraju Manden Kattilaged 69 years, is the Promoter and Executive Director of our Company.He holds graduation in Science. His Key Competencies includes designing amplifiers, speaker system, Acoustical measurements and calibration for cinemas, auditoriums and studios. He plays a vital role in the management of the Company.

Overall seems like a good business to be in as companies like PVR have been growing in investing in new multiplexes especially in smaller towns. There should be a good runway for growth in medium term as mix of single screen vs. multiplexes continues to change.

I was interested in this but decided to stay away from such micromicrocaps as liquidity is just too low. Monthly trading value is Rs. 4-5 lakhs. Any meaningfully large sum invested in this company would be almost like a VC investment as you would not find an exit easily unless company really does spectacularly and find some big investors.

There have been little to no updates from the company in the last 1-2 years. Their websites also has not changed at all. I wonder what they are doing and how the business environment is. The stock price is near life-time high but how are their prospects? Is the company scaling up or are they targeting to remain small for a very long time?

Pulz posted good results. PAT of around Rs 1 crore for H2 FY22 was at the pre-Covid level. The subsidiary R&S has started contributing to the bottomline. The company is net debt-free. Nothing to complain other than lack of information about strategy and future plans.

It is very likely that the following link is about the prior avatar of pulz and summarizes the business well. In any case, the best summary I have found. It seems this business has moved on and formed Pulz (including the installation subsidiary). Name, main persons - are all same.

Supplier,Distributor,Service Provider of Audio and Video Product,Pro Audio Consultancy,Cinema Sound and Film Projection Services,Film Post-Production Services,Professional Audio Applications from India. Visit the online catalog of Audio and Video...

My take here -

Small business with the correct expertise, connections and experience. Successfully backward integrated into manufacturing high end acoustics (this is a feat in itself ). Not really very professional yet - links need finding, no customer relations. Promoters looks reputed and technocrats rather than businessmen. Results are excellent. PVRs is a customer, among others. MD has claimed 0 customer attrition rate. Now Shah Rukh Khan, apparently, also is a customer. Another point - this is a small business (At 90 cr market cap, after a 10x), but has not only survived but recovered smartly after Covid and finally moved well above its IPO 5/6 yrs ago.

P.s: It would really help if someone well versed with analyzing balance sheets could provide a in-depth analyses of the latest annual report. I can just about read it, so any help would be useful as this is a firm about which very little information can be found.

I am invested in this company primarily because it seems undervalued at less than 15 PE now and much lower PE earlier, no debt and a good growth rate. The company imports high-end audio components from Europe and assembles audio devices in their factory near Mumbai. Their products seem to have great quality. They export to South-East Asia and other countries, but India is their largest market.

I have just recently started following the company and the niche business in which pulz is operating looks like an opportunity.

Here are my personal doubts about pulz before investing:-

1-Microcap (>100cr) and a hihly volatile stock price

2-Less mangement transparency and shareholder communication (only posting Q2 results from last 2 years) and no regular IP or Concalls

3-Is there a resonable amount of TAM that this niche industry has so that PULZ will be able to grow and win over competitor if they arise in future?

Just a guess. They probably want to issue bonus shares in the ratio 1:1 just as they did a few quarters back. This would deplete the reserves by approx Rs 11cr and increase the equity capital by the same amount.

Pulz Electronics Limited is an India-based company, which develops and manufactures audio systems and solutions and offers line array-based speaker systems for the cinema, pro-audio, studio, and home audio industries. The Company is engaged in operating various technologies, namely Line Source, IsoWave, WaveDrive, AeorWave, Point Source, UL, and DPT. The Company's products include Cineline, Proline, Studio Line and Home Audio. Cineline offers various products ranging from co-axial design to audiovisual translation (AVT) technology. These products are designed to provide the perfect solution for different auditorium shapes and sizes. Under Proline, it offers speakers, amplifiers, microphones, and signal processing systems. Studioline offers film mixing studios and screening rooms. Home Audio comprises active subwoofer, speakers, amplifiers, and signal processing systems.

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The aged 1885 house in the heart of the village didn't look like artwork when Pulz and her husband, Kevin Pulz, decided to buy it. But Kathleen already felt a connection to the place: Her childhood friend grew up there.

So when the Pulz family was about to add a fourth child and needed more room than their Tosa home at the time could provide, Kathleen thought about the familiar 3,200-square-foot historic house with "its lovely bones." She called her friend's parents to ask if they wanted to sell their house, and they had a quick reply.

The Pulz home also houses a mix of the modern and the historic. The foyer, which was a porch in the 1920s, now welcomes guests with 21st-century sponge-dab painted walls and an intriguing wood school-bench that holds one of the mysteries in this house.

The downstairs layout in the remodeled house lets guests choose their own traffic pattern. Step through the foyer doorway, and you find yourself in an open area that can take you into the living room, dining room or library. Refinished maple floors connect the rooms with a sense of the home's history.

Each room contains at least one antique item, from the wooden fireplace cabinet repurposed to hold CDs to the one-time gun case that's now a stereo-storage unit. Old milk-glass lamps hang above modern bathroom sinks.

Pride of place, though, goes to another Pulz house mystery: the maple banister on the stairway, intricately carved with flowers and sun rays. Did it come from a German inn or an ancient church? The banister holds tight to its secrets.

But even antiques buffs will find it tough to pick out the old from the new. Two pillars separating the living and the dining areas are only one of the puzzles for visitors. Are the concrete columns original to this 19th-century building? No, but they fit right in.

In the living room, Kathleen's oil paintings, including one of a port town in France, testify to her life as an artist (her work is displayed at Art & Soul Art Gallery, 5708 W. Vliet St.). There's an artistic sensibility throughout the house. A piano in the living room and a cello in the library point to the Pulz family's musical interests, and the children's artwork sometimes is displayed alongside Kathleen's.

One of them lingers in Kevin and Kathleen's master bedroom, which has also served as her art studio. When the room was gutted, Kathleen discovered a Cream City brick chimney going up one wall. Carved into the soft brick was: "Mary + Belle."

"I think it was whoever was working as masons in the original house carving their loves' names in the brick, but we don't know," Kathleen says. She feels there might be a fireplace covered up somewhere in the house.

Kevin: The big push came that first month. Everything in the house was so dark, with the trees covering up windows, and window treatments that were like lead. The immediate goal was to open it up so there was light in here.

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