Turnaround is clearly visible from Q4 results & MoM numbers now !!
May month sales for Force are at 8-years high – June has seen MoM growth in 5 out of last 7 years, giving us early signs that Q1 FY24 can be even better.
If we look at production data of last 2 months, it seems that operating leverage has kicked in as they have entered into international market (follow their linkedin page for more info).
Launch of Traveller Electric (based on Urbania platform) can further accelerate the pace of turnaround & operating leverage as major capex was on T-1N platform (Urbania & T-1N Electric).
FY23 EBITDA came in-line to my estimates & further improvement should be tracked closely – which can help in rerating.
Disclosure : Invested & waiting for dip 
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