FY 2022-23 was an exceptional year, Amonium Nitrate prices had reached historical high of EUR 850 /MT… as against average price of around EUR 200-250 for last 10years. Topline growth may be flat during current FY and there will be pressure on the margins also.
Margins have already started declining : last four Quarter margins Mar 22: 25% June 22 : 24%
Sept 22 : 18%
Dec 22: 17%
Market seems to have already factored in Peak price and peak Margins and the share price is already down from Rs 1030 to Rs 600
Disclosure : Exited my position and will review entry once the margin stablises.
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