Great write up! Few queries I have
Any idea about their volume growth over the years? Do you have these details for GAEL or its competitors ? I can see that the revenue growth is a respectable 13-14%. It would be great to separate it into pricing & volumes.
They are expanding capacities 2x in 3 years. What is the industry growth and whether it can absorb this expansion? Can there be a risk of price war at least in the commodity products in the medium term?
Is there a threat to the industry from imports? I believe their business to domestic FMCG/Pharma would have an approval process and therefore more sustainable and less threat from imports. However for the rest of the business with industries, can imports make a dent?
Are there more details on export products ? Is this similar to domestic FMCG/Pharma business or being sold through traders? Need to understand the quality & sustainability of these exports? Also, who are they gaining market share from & Why?
Thanks
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