I think the fall in revenue this year can be attributed to this ,no matter how strong the moat, 100 times pe is never justified.The company still makes 80% of its revenue from india but this was in Fy 22 when the extra capacity had not hit.They have mentioned that they would be using the extra capacity to venture into for newer product segments which will have lower margins.
This is the only chemical company i recently invested in and in a very small percentage due to the current valuations ,no matter how good the moat maybe but it only protects them in india with recession looming around the world restrictions ,going forward i would like to track topline,margins,capacity utilisation and where the revenue comes from to increase my holding %.
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