Well, I am quite aware of that – I have both backtested and am a practitioner of a momentum strategy myself ( only on Nifty 500 though). I am particularly referring to the microcap universe here where volatility was quite high in the 2018-2019 timeframe. While theory suggests the portfolio would have gone into cash, its not always that straight-forward. Not all stocks came down at the same time so one would have churned quite a lot before cash positions built up. Also, do keep in mind the pain of churning a large number of stocks at a loss – not easy.

15% CAGR excluding RIL and Nigeria but in reality RIL plans are a certain because Reliance plans are in public domain.
They are putting up Giga factories for PV modules and solar cells and purchased a major stake in SW solar for obvious reasons.

they are doing a revenue of 8000cr fy25 + a total order inflow of 8k+

Management is saying that the import of Chinese products will be very difficult after compulsory BIS certification.
My friend is an appliance manufacturer with BIS certificate, he says that it’s just a standard that they have to follow and products meeting the BIS standard can still be imported and white labelled.

Does anyone else have a view on this ?

technically, every town, city needs a water treatment plant and we are nowhere near there in any sense. This company will grow ONLY if the clean India movement is taken up holistically and water treated before discharge. After the Jal Jeevan mission, if the Gov funds water treatment plants both for drinking and sewage at scale, this company will be big.

The downside is, only the Gov state or local will do this and money flow will forever be inconsistent from the time of winning the bid to actually seeing the money flowing in as revenues.