I feel that Q4 will be flattish YoY & expected growth of FY24 is differed by 1 year to FY25.
Order inflow is quite strong in Q3 and i expect that Q4 will see more orders, as long as the orderbook is building then i don’t see any much risk.
Electrolyzers opportunity is much bigger than these SOFC boxes, fluence energy & product related revenue (import substitutes) can contribute significant revenue in FY25.

Thanks for your quick summary on con call, i have missed the call today.

As per presentation avg realization of ethanol is 66/-, if we consider new price of ~71.86/- then its almost add 20 Cr revenue in Q4. if we assume that RM cost is stable in Q4 then we may see decent jump in profits of Q4.

Even asset reconstruction business is also scalable. currently alts and reconstruction both looks good, while agency books are in de-risking mode

I think that’s it. It is the capital markets business – effectively Investment Banking which is more cyclical, hence should have a lower multiple.
However there is some value to a joint offering if you can offer a promoter wealth management services for their personal wealth and capital market services for their business – so the flywheel is stronger.

And to add, I don’t think you can pencil any multiple expansion here but earnings growth will be durable and strong. In a couple of years they should probably institute a significant dividend as well (as a % of PAT)
You don’t need a lot of capex and operating leverage will be very good. This is effectively a 100%

Capital Allocation is one to look out for, you don’t want them going further down on the income/wealth range and you don’t want a lot of acquisitive growth.

I expect similar situation with the Alts business for Edelweiss – probably worth the whole market cap here.

Please send your video