You have covered most of the business so let me chip in my thoughts.
I think all of FY24 is probably discounted into the price as of now.
Management has guided for around 100cr topline this year. Converting 35% EBITDA margins and taking around 28-30cr as bottomline, stock is trading at around 15x FY24 Earnings. A little bit expensive but going forward in FY25 and FY26, I feel sustained revenues above 100cr and a Topline of 150 cr in FY26 will probably take bottom-line to around 42cr at which I feel, a 800-1000cr Market cap should be justified.
Another negative point is the cash flow but I think over the next year we should see the conversion.
I did quite some due diligence and valuations looked reasonable during March 23 but I feel the margin of safety is very less at these levels.
Personally holding till the story plays out, bought at lower levels.
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