No one is talking about the dismal performance of quarterly results. Is it just one off case? or headwinds to continue in the coming quarters?

Link to the Saudi Arabia article, refer to the Ammonia section. Have been tracking them regularly, have been really insightful in terms of fertiliser market.

Link to the NBS subsidy rate cut article.

Some interesting insights from the Concall:

• Subsidy impact even of october has been balanced, so no impact expected in future (unless government comes with any further changes)

• Export on TAN has been lifted. Had highlighted this earlier as a major opportunity. But this is limited to 20K tonnes for this financial year as compared to the ~500K tonne TAN capacity they have. Also they need the license transfer to new entity name to be done. Hoping this ceiling goes higher in FY24-25, that should bring them decent revenues.

• The TCO (total cost ownership) business on mining forefront is really interesting. I didn’t get a chance to ask about any current POCs but if they are able to do this at similar scale it’s going to unlock very high value. Just to put things in context Solar Industries just manufactures explosives in India and enjoys a PE of 60 (as of now). With demerger and relisting of this business, the outcome could be explosive.

• Demerger update: Another hearing in November. Hopefully it works out and they get the approval. I would look at a timeline of max 2-years in relisting of those businesses.

This stock is quite a time buy. If someone has a 5-year view on this stock, it seems like a decent buy unless the debt bites them back. I have temporarily exited my position as I was heavy on it. Would buy at dips below 600. At the moment considering some already ripe opportunities.

Disclosure – The statements I make here are for discussion purposes only and not to be taken as any financial advice. I just love understanding businesses and brainstorming about them (investing just makes it fun as you have skin in the game ).

Hi Harsh, @harsh.beria93
May be too early… as result just came of Dharmaj Corp. Awaiting result analysis please.
Thanks and more power to you.

provided there is a good cash flow and no increases in trade receivables