While the Grain based Distilleries, Poultry and Strach industries have been complaining about high maize prices, there are also cases like these.

Regarding allowing FCI Rice and Maize Import, I agree it seems highly unlikely, specially seeing how tentative the Govt has been recently. They would not like to be labeled as ‘anti-farmer’ by allowing imports or preferring ‘fuel over food’ by allowing FCI rice for Ethanol, by the opposition, just before State elections.
Hopefully it is a short term (1-2 Quarters) issue.

Co doesnt seem to offer enough risk reward even at these current levels,
Mgt guided for 2x rev, 2.7x ebitda, & capex of 1000cr (fy24-fy28),
assuming dep -200cr, int cost – 20cr, tax – 29%, gives a 400cr PAT by FY28
@25xPE, this results in 10,000cr.

current mkt cap is 8000cr. A 25% appreciation in 4 yrs from current level, if mgt executes perfectly.
not enough risk reward

It’s fascinating to observe how people’s perspectives on book value vary. When the book value was less than 1, many argued that the business was unsustainable. Now that the book value has risen above 1, some feels it’s bit expensive. Meanwhile, Manappuram continues to grow steadily at a long-term average rate of 15-20%, with its price-to-earnings ratio consistently remaining below 10 as it keeps growing more than the price movement

Cyclicality tends to balance out over time, often leading to significant growth following periods of flat performance. The long-term upward trend in gold prices provides an additional boost to growth. Inflation also contributes to this growth. As a developing country, India will continue to have a strong demand for money, and it will take decades for India to reach the status of a developed nation when growth may slow ( but even in developed nations microfinance sector is growing )

These differing perspectives are what keep the market dynamic, ensuring that at any given time, there are always both buyers and sellers actively trading.

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Typically, when a business trades below its book value, it’s often due to some underlying issues the company is facing, leading people to wait for clarity and resolution before investing. However, once the situation improves and clarity emerges, the stock often becomes more expensive. If you buy at a price below book value and the issue remains unresolved, the price may drop further, making it a risky move. Therefore, it’s rarely a guaranteed win. Luck plays a significant role when investing in a company dealing with multiple challenges—if the issues are resolved, it can result in substantial returns.

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Anything can happen but current valuation ( single digit pe and double-digit growth ) seems paradoxical to me
And I am accumuling it at regular intervals )

What is the source of costs that you have mentioned for manufacturing electrolyzers