Agree on this that they’re sitting on operating leverage play out but my point is on Return on Capital.
Would like to know your growth numbers and the subsequent Returns basis Margin Improvement and Sales growth and the bear and bull case and see if they optimistically are able to achieve their Cost of Capital few years out and if they can sustain it.
There seems to be a one off related Non Financial Liabilities and Other Non Financial Assets to the extent of ~ 100 Cr in the 125 Cr number.
In agreement and love the vehicle niche in market and price but somehow my model can’t come to a scenario where they break their Cost of Capital.
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