Yes that’s a good view, I think GPIL is under-priced even absolutely, leave alone any comparison with Sarda/Shyam Metalics, though both have their own advantages too in some fashion.
I’m absolutely surprised how Shyam was able to complete major expansion recently (from IPO proceeds without major debt) and looking to raise Rs.5000 cr for even further expansion right from pellets to steel mill, without captive iron ore.
They were probably lucky to not be saddled with debt payments like GPIL and rode the wave last 2 years making surplus money.
My only thinking is if GPIL may be too conservative to have more capacity in time for the next growth wave after this phase of maturity/stability.
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