And there is no vision from Management so far to turn these capex revenues to opex ones. They seem quite happy to sit on a huge order book and churn out 8-10% EBITDA quarter after quarter. Their HPS revenues have de-grown YOY, all the focus seems to be on Ethanol.
The stock is full of optionalities and experts seem to rate their scientific capabilities highly (Also evident in the quality of their JVs and collaborations), but execution has been very lacklustre.
Have a buy order at INR 280, think that’s where value lies in this stock. But the story is strong enough that we may not get to see that price.
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