Thank you for the notes – I think they’re being conservative with CNG cascade peak revenue possible. 180 cascades capacity = ~150 cr revenue in FY23; with 480 cascades capacity at full utilization ~400cr revenue should be possible, though current order book is 260 cr.
What I’m worried about is 2 years back during their analyst day, LPG was touted to be the biggest growth driver, while CNG Cascades was considered a relative optionality. There doesn’t seem to be much movement with Indane after the initial + repeat order of ~7L cylinders. There are ~29 cr gas connections = 58 cr cylinders. 25% conversion is ~14.5 crore cylinders, which is about 100x current Type-IV LPG cylinder manufacturing capacity in India (Time Techno = 1M, Supreme = 0.5M).
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