Hi @nbhargav – tax is not paid likely due to the company being in losses in the previous years – there is a setoff impact of losses being carried forward

I think this much discount may remian for few reasons.

Being a small cap & no dividend.One example being Kalyani Invest.

My primitve guess is if they start declaring dividends, this discount may get narrowed.

Personal opinion.
dr.vikas

Note from visit to Garware application studio:

Owner was dealing with 3M films for paint protection films. Now with Garware films as exclusive partner. Obvious reason for shifting was better monetary gain offered by company. He is able to get same quality material at half price compared to 3M and can service more cars by offering lesser cost to customers in comaprision to 3M films…

Garware PPF costs ₹ 750/sq feet vs 3M at ₹1200/sq ft…thickness is same(20 micron).

Garware offers 5yr warranty against manufacturing defects compared to 1 year warranty of 3M.

( Insurance also available against PPF if its gets significantly damaged due to accident and need replacement…cost of insurance is ₹4000.00)

We are doing PPF for 10-15 vehicles per month…what we get here is SUVs like XUV, Harrier,Nexon Hector…etc. premier cars like BMW/Benz may be 1-2 per month.

Overall cost of PPF for a full body will depend on the surface area of the car. Typically for XUV its 1.6lac(offered me at 1.25lac)

For BMW/Benz it will cost near to 2 lac.

Disclosure: reentered during last few weeks(5% of PF)

I’m afraid I have not looked at CAMS in detail. Based on my limited knowledge, since both seem to derive revenues off AUMs (and are both affected by TER changes / tiers), CAMS looks more like an ETF of AMCs (since I think 5 contribute ~70% RTA?) while HDFC AMC is just like a single AMC stock. Therefore unless we are sure HDFC AMC can outperform market AUM growth (through a combination of market share gain, performance and inorganic), CAMS seems to be a safer bet (assuming it has a reasonable moat).
Given both have similar PEs and Dividend Payouts, in my view your analysis seems reasonable that CAMS could be more stable. Please take with a pinch of salt as I have not investigated CAMS in depth

Disc. Invested in HDFC AMC and likely to be biased. My XIRR on HDFC AMC is ~11% over a 3.5 year period. I will review my position next year and consider whether remaining with a position in any AMC stock is worthwhile (steady, transparent business with some cyclicality and long runway – but are there better opportunities elsewhere?)