Fully agree.
Also value added products will always have better margins. As supply will not increase so easily given technology and investments to be made.
In commodity business All players are aware that too much capacity addition will lead to glut. Only those companies which have done investments at right time will benefit. Cosmo has surely done it at right time and commissioned before others. They have learnt from past mistakes!!
Operating Margins can come down but on company level ebidta margins will improve due to scale.
Moderate debt is also a very big positive of the company.
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