I believe there is no doubt that rice is a high water-consuming crop, which is why the government intends to shift to ethanol production via maize. This is evident from the increase in ethanol prices (the latest price rise) via the maize route. However, if we compare the price differences among the three routes—sugar-based, grain-based, and maize-based—the variation becomes clearer. Maize, however, is not only used as a feedstock for ethanol but also in animal feed, fish feed, and shrimp feed, which keeps its prices elevated. To address this, Oil Marketing Companies (OMCs) need to adjust prices accordingly.

It is also important to consider that the economics of ethanol blending with petrol should work in terms of cost savings in the final petrol price, while also helping to reduce crude oil imports. Additionally, broken rice from the Food Corporation of India (FCI) is a by-product that needs to be allocated somewhere. During the election phase, a mix of broken rice was distributed under the ‘Bharat Rice’ program to provide affordable food to those in need. The rice inventory is in plenty with FCI
Furthermore, many sugar-based ethanol producers have made significant capital expenditures that need to be factored in. However, grain-based routes typically have a dual feed advantage (utilizing both broken rice and maize). I might be wrong in my assessment, and I welcome any views on this topic.

Hence the recent decision of GOI is well thought to keep the prices of maize in check

Same, I expect this is the time to sit tight and let the demand cycle recover. There might be some loss in the near term but I expect it to bounce back

Hi, VP members B.K

I am from palanpur
Good idea to discussion.

I absolutely agree promoter must not increase his salary when performance is bad. 100%. But any engineer who is into reasearch is a scientist as per me. To know working capital , debt , order book management you need an MBA degree not a science degree.
Disclosure: Invested , will sell if EPS is low even this time.

They are not scientists, The MD graduated in engineering, which millions of other Indians did too. Also, this company primarily makes ‘metallic components’ and the Moat is there approval status from ISRO and Nuclear agencies. For Fuel Cells, having only 1 customer is a big risk. So I feel that their risk mitigation strategy (on which they wrote pages in their report) is either flawed, incomplete or they don’t care. How can they cannot foresee delays and deferred orders especially when they knew the customer so well. And lets assume that they didn’t foresee, then by no means, they can miss the revenue guidance by 40%. They behaved as if they are a startup who are learning to do business.

I hate to see that promoters are in rush to increase their salaries when they failed to perform. A good management would decrease their payroll under such circumstances and walk the talk. I sense more shit coming their way in the coming quarters despite the optimistic commentary from the management. Its evident that their words and actions don’t match for the time being.