Its too early to judge that as a stagnation
There are reasons shared by management
And this industry has a tailwind
many kids from 9-12 grade , College going students, startups need lot of such kits, parts which were not accessible earlier and now possible at single platform
Slowly and gradually this penetration will increase and its access and delivery at 10000 pin codes surely helps that to expand.
We have already see repeat orders from customers
So traction is there
as a model, i would put this company as growing company in a growing pond
currently pond is smaller but increasing rapidly
There is a space for 2-3 more players in coming decade if I understand the scope
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