I have been following SJS only recently but generally, mgmt seems to be over promising and under-delivering so far. They guided for 20-25% organic growth in F23 and missed it (blaming weak exports) and have once again guided for 20-25% organic growth in F24 (delivered 10% growth in H1 F24) while maintaining it despite weak H1.
Commentary continues to be strong though and WPI numbers should start improving from Dec-23 quarter. Based on my numbers, company can deliver peak revenue of 1000 Cr (assuming Exotech’s capacity expansion to 300 Cr topline goes through in C24) over the next 3 years with potential PAT of 145-150 Cr. Will have to wait and see.
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