Agarwal is such a simple thesis.
Consistent demand for bitumen → consistent growth + increasing margins due to own vessels (This has been playing out for last 5 years and should continue to play out)
There’s lack of any big risk factor apart from execution risk.
All they have to is keep on prudently adding logistics assets and ensure product avaliability.
A consistent compounder.
DISCLOSURE: INVESTED (2ND highest allocation in terms of cost in portfolio)