Fabulous analysis.
The product profile of each of these entities looks quite attractive.
Having worked closely with ZCL, I can say they are a very balanced organization and have good long term relationships with their customers. For some of the products, they are the only supplier.
They too like Avra are getting into Electronic chemicals. Again very high value high margin products. Infact, they have already reached a scale of doing multiple pilot campaigns for the electronic chemicals.
My ex-company was a supplier ( Indian subsidiary) as well as their customer ( US subsidiary). Last 3 years have seen accelerated revenue growth from them.
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