Deep Industries (DIL)

I think the Q2 results and call was pretty decent. Numbers are back filling. Yet to reflect in numbers IMHO.

Some brief updates are

1. Q3, Q4 expected to better. Overall 400 cr. revenue and 120 cr. bottom line for FY24 seems a done deal with some minor scope for positive surprise. For FY25, a ~20-25% growth in topline in deep business doesn’t look out of place, given the order book. So FY25 rough expectation could be 480-500 cr. topline with 140-150 cr. PAT.
2. Dolphin will start contributing to topline from Q4, with majority of contribution to come from FY25. 100 cr. topline with ~60% EBITDA margin is expected in FY25. We can say, PAT could be roughly between 40-50 cr. as there could be some tax benefits due the accumulated losses.
3. So overall it seems FY25 could be a 580-600 cr. topline with ~200 cr. bottom line. This is of course a picture perfect bull thesis
   All this for an EV of nearly 1500 cr.

You can build the bear thesis.