Thanks for the detailed post. I am not invested in GPL but one of its competitor BCL Industries. IMHO, before one invests in a Ethanol producer whose feedstock is not sugarcane, one should find out whether the company is hooked on FCI rice for its feedstock or whether its management had the foresight to know that FCI rice was a short term dole given by Govt and they have already de-risked the business by having factories which can process multiple feedstocks like rice, maize, millets etc.
Any non-sugarcane Ethanol player need to be able to process Maize for it to have long term sustainable advantage as the Govt wants players to not rely on FCI Rice and reduce dependence on other water guzzling crops like Cane.
If you find that GPL’s new units can indeed process maize and they are able to secure enough maize to manufacture most of its Ethanol from it, then GPL can be a good value creator indeed.
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