I have zero confidence in confidence petroleum it is another management that promised big but under-deliver. I agree that the current management of time techno is better focused on execution than the previous. At least there is effort to reduce debt

I would have considered ppb as strength if it was 100% subsidiary of one97 but shareholding itself was problem. There was certainly conflict of interest and this kind of structure would have been a problem sooner or later. Glad it happened earlier ( though i would have preferred ppb as 100% subsidiary of one97 ). Now i think there is no complexity with respect to structure, interest and hope VSS and team can focus on core strengths which is merchants loans and there are cherries on top like sound box subscription, ticketing, broking, insurance so on and so forth…

Having said that if RBI would have allowed to start opening ppb accounts and if ppb would have got small finance bank license in near that would have been a game changer (if this would have happened many people specially small merchants would have preferred to keep money in ppb. And that would been kind of moat to have many people in paytm ecosystem). But now this has zero chance of happening and as I said there was a conflict of interest and now VSS and team can focus on one business.

Order win “Construction of 132 KV &
220 KV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP”

OB

Although they are talking about cash flow generation, they are unlikely to in the immediate future for the following reasons:

1. CRZ (Green) invests more than 1000 cr in that green field facility. Although the first DCDA plant is getting operationalised in Q4-24, it is likely to generate revenue from Q4-Fy25 onwards. As they will be replacing DCDA sourced from China with internally generated DCDA, I am not sure if they will even save a lot in terms of cost because imported DCDA is cheaper.

2. The PAP plant is kind of a long shot. They will start in that plant next year, but it will be operated in FY26, which is further away.

3. For the last 2/3 years, they have been talking a lot about MUPS block. Although the block is operational, they are not able to generate much revenue from it yet for one reason or another. They do not even talk about it in their con call.

Historically, Granules has always relied on debt to fund its expansion. API is a capex-heavy business where they need to invest heavily to create capacity and needs a lot of money for working capital for FD.

Hence, their dependence on debt will not reduce; in fact, it may increase as they invest even more in green chemistry projects in CRZ.

Etf is trading at a premium to actual value of stocks beneath. Low liquidity. But with index performing better liquidity returns.
I agree that returns will come, but it is not a buy and hold etf because of inherent risks of China.