below is my opinion, at first the company offered the IPO price at 1000 bucks and listed in above 2000, which indeed gives an impression about the company. but, if you look at the facts indigo top line is ramp up at 2X speed before listing and this must be the reason market treated well at listing time. However, co is disappointed in the following quarters with witnessing slow and steady state revenue run rate, which is disappointed. And later time though revenue run rate clocked a bit due to other factors it sees a margin pressure. thus, further declined the stock and later time competition with Jsw & Cos entering into paint industry which indeed a very big threat for the player like Indigo as the base is small and factors like concall commentary is not in sync with numbers, if you happen to listen previous con calls they mention to improve the revenue with atleast and at a min 30%, but on a overall even with 30% runrate increase the current price is justified.
I hope it is possible to clock the runrate at higher base and improve margins and I believe this is very much possible in near quarters with the launch of new factory which is scheduled to begin this year.
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