Nice detailed notes.
Just one observation on the valuations of engineering business. JK files revenue has been stagnant for some time now and not sure of revenue CAGR of Maini. Hence, valuation of Market cap to Sales ratio of 4 looks quite rich. Also, on the combined engineering entity, Raymond would only be holding 66% and wouldn’t own it completely.
Another point to consider is denim business that’s a 50-50 JV. The fact they want to retain it at Raymond Ltd and not Raymond Lifestyle indicates they might sell it at some point like they did with FMCG business. So, we need to add the value of the denim business as well to overall group valuation
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