Hi Dhruv,
Can you share what source materials (if any) you’ve used apart from the annual reports please? I wanted to do a deep dive myself since I have a decent position.
Also, if the moat is currently just (lets say 80:20) the cos relations with their suppliers, and efforts towards becoming the least cost producer, I wonder what stops a chinese co from just coming in and stealing market share. Because my assumption is that the RM supply crunch is localised to India, i.e., in India there is very little RM supply and most of that is cornered by Kothari. If it is indeed localised then wouldn’t global competition be possible for their export business in the long run, especially if they continue to expand margins?
Cheers and thank you,
Divyang
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