Even at 823/SH it is trading at 112 PE, 3400cr MCAP for 34cr PAT seems excessive. Just at the first look, couple of things stand out.
- While 90% revenue is from drone sales, there is inventory of 623 days? Worth looking into it
- Normally such companies make more money from post sales services / additional revenue drivers from same customer - while that did grow from 0.3 to 0.5%; it does feel smallish to begin with.
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