One thing I would like to point out is the Cement Bonded Particle Board they are making. It can be the replacement for Asbestos sheets and is growing at a healthy rate of 20% CAGR in India. They are using the technology from Bison Werke Germany and after browsing the internet, it looks like that NCL is the sole company to sell this type of board in India. EBITA of this division looks closer to 25 cr this year and the capital employed for this division is just 50 cr. My question for senior boarders is that can we hope that in coming 2-3 years the valuation of this hidden division would become more than the cement division? Also, if somebody can get the insight from the company about confirmation of the trend for Cement Bonded Particle Board (Ncl uses Wood particles instead of Asbestos)
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