NCL has been a high conviction bet for me from RS. 70 levels. A couple of things that are worth noting are 
1. it does not sell to govt/contractors but sells on cash and carry/low credit period in retail
2. NCL’s plants are amongst the closest to amaravathi the new capital city near vijayawada
3. for a near 25 % increase in sales in FY15, receivables have inched up only about 2%.
4. cash flows are very good – Rs. 55 Cr. of OCF – led by improvement in all effficiency parameters – increase in current liabilities, decrease in inventories,OPM. If the company can maintain these going forward, this can be a 2-3 x on the back of both PE re-rating and rapid EPS expansion.
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