1 year : 2023-09-01
6 months : 2024-03-01

UFLEX , RTNPOWER → Out from List
Dhanuka , tidewater → IN into List

Latest EV sales data and market share of players:

Electric 2W sales at 88,471 units in August rise 41% YoY | Autocar Professional

Ola’s market share is down, but still at 31%. In long term, seems like a safe guess would be 20-25% market share, as other players will definitely do some catch-up.
What increases Ola’s sales is the overall expanding EV market, which is up 41% YoY for the month of August.

Attended the AGM for 2023-24 held on Aug 31, 2024. My notes from the meeting are as follows:

• Expansion
  • 6000 TPD would be achieved by FY26.
  • Malda plant has achieved 90% capacity utilization.
  • 30,000 TPA of Liquid glucose and 15,000 TPA Dextrose monohydrate plant at Malda commissioned. With this, Total liquid glucose capacity has reached 2.7 lakh TPA and Total dextrose monohydrate 90,000 TPA.
  • Sorbitol project at Hubli has achieved commercial operations in February 2024. GAEL now becomes largest sorbitol manufacturer of Asia (excluding China) with a total capacity of 150,000 TPA.
  • Expansion of 900 TPD Corn milling at Himmatnagar (taking total capacity to 1400 TPD) – 60% construction would be done by FY25 and commissioning in FY26.
  • 1200 TPD maize processing facility in Sitarganj. Heavy monsoon led to a delay – commissioning is expected to be started in Q3FY25.
  • 2000 TPD capacity increase – capex of 850 cr for Sitarganj (COD – Q4FY25) & Himmatnagar (COD – Q4FY26).
• Fermentation Business Update
  • To construct three units with COD in FY25, FY26, FY27. Financial details confidential and not disclosed.
  • Products would target import substitution (fermentation from sugar & dextrose) and these are unique products which are not being manufactured in India. Would have lot of scope to expand in this segment. Expect 30% to be the import substitution quantity.
  • Food, pharma, construction, oral etc industries. Would be part of current consumer chain.
  • Target to produce 3 products (names cannot be disclosed).
  • Some plants would be done in Maiz Citchem (01 nos) and balance in GAEL (02 nos). Funding through internal accruals and no debt is planned.
  • 900 Cr is the expected total capex outlay – First phase would be 500 Cr (3 plants) and balance in the Second phase.
  • No PLI received for this business.
• Profitability Guidance – 8 to 15%.
• Competition – They may increase the capacity by 1000 to 2000 TPD. Companies that have plant with the right technology would win.
• HFCS – Company is ready and plants have flexibility to switch to HFCS production – however, given the sugar and maize prices, it is not viable right now to produce HFCS.
• Ethanol Plant – No plans as of now as it has become a very crowded space. Approvals are in place otherwise.
• Domestic Prices of maize has increased – with the new policy of Govt for Ethanol industry to allow industry to consume sugar and molasses to be consumed, GAEL expects lesser prices in Kharif season. Hopefully, farmers are growing more maize. Maize price increase has been passed on to the customers albeit with a time lag.
• Agro Business – Losses in the business were mainly because of the high cost inventory.
• Open to M&A but right now there are no quality assets available.
• Maiz Citchem – 25 Cr has been spent in this subsidiary – 250 to 300 cr would be spent in the next 2 years.
• Dilution in Maiz Citchem was the asked my many investors – Most of the times the question was ignored by the Promoter and otherwise his answer was that it is being done in the best interests of the all the stakeholders and time will tell. And this was pre-decided.

There may be some mistakes in the above. You can directly go through the AGM proceedings from this link:

33rd Annual General Meeting of Ambuja Gujarat Exports Limited

Disclosure: Invested

Ola is a new entrant and disruptor in 2 wheeler mkt. There will be hiccups initially but how they navigate this teething period is important. So far it looks like they’re managing well. The problem with incumbent players is, their EV is cannibalising their own petrol 2 wheelers while Ola doesn’t have this problem and eating away everyone’s mkt share.

A little dated article showing Ola outselling the next 2 large players combined: