Bikaji IPO gets listed at 5x sales. Prataap today around 1.2x sales.
Bikaji has better margins and return ratios, but just needs to be seen if Prataap can improve its margins further (likely when contribution from Rs5 pack gets lower and lower).
Also, Haldiram looking for an IPO next year. Wonder it will trade at 10x sales with industry leading EBITDA margin ( guess 20%, others are 7-11%).
While sales growth of 15% is not a challenge but margin is. Lets c what Prataap has to offer in 2-3 years.
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