What I think is that, for company likes these where there are clear hurdles like recovery of dues, concentration of customers, no institutional participation etc., we can look at the management. Know about how they have started, what has been their vision, what they have done so far, what they want to do. There is a recent conference call recently which should say something about the future of the business.
I think if indeed there is a capex, capacity utilization, demand, margin growth etc, institutions will participate. On the other hand if there is no such participation, and even if the valuations are comfortable w.r.t peers, even if the management is trustworthy and efficient, no red flags, one may get stuck for longer periods. Of course this is part of small cap investing, and of course this is how one finds multibaggers.
Just some thoughts and some recollections from the past.
No investment, no interest as of now, just had a cursory look.
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