It’s not going to be so cut and dry. Remember company has doubled the capacity in Jan which will unleash huge operating leverage from this quarter onwards. Solar power plant would bring down cost of power for domestic business. European business may see 2 more quarters of pain (due to planned furnace shut down) but gas prices have cooled off lot in Europe and most of the merger related expenses would be completed by that time. Opening of Chinese economy would be good news for Borosil, as Chinese solar module installations would get accelerated thereby reducing dumping of solar glass in India and rest of the world.
Net net, I expect company to post full year EPS of 15 for FY 23-24 (similar to FY 21-22) so expect stock price also remain in that range of 600-700.
Disclosure – Sold out most of my position post Q3 results but planning to add more around 425
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