Kunal, yes the real estate slowdown is a concern. But just look at the market cap and compare it to the other ceramic players. If it continues with 50cr profit and pays down most of its debt, there could be a significant re-rating here. With its distribution power, this is no small company.
Two bonuses are the JV model and the branding. If any of these bear fruit, we could see significant changes in the ROCE of this company.
Even without this, sales have grown at 20% cagr over a 10 year period. Also the company has for the first time started to communicate in the form of Investor presentations. A subtle sign, maybe? And in 2015 the company promoters have bought back shares around the value of 1cr. Not significant, but already the promoter holding is close to the limit of 75%
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