Hariom Pipes Ltd: A Capex Play!

This is a very basic estimate of the company’s forward earnings that I have created. I have taken the following assumptions in the table:

• I am assuming the fact that they will double their topline from FY23 in FY24, as the had mentioned.
• I am assuming the Ebitda margins to be their average ebitda margins of 12% and their pat margins of 7%.
• I have assumed that to have a top line of 2400 Crs by FY26, they will have to grow by anywhere between 35-38% in next two years (keeping in mind all the factors like capex and market size and growth and their capacity utilisation).

Fundamental things that I understand will play a role in their growth story are as follows:
Backward integration: Since they are backward integrated, they have stability in their raw material prices, which promises a stable margin if not better.
Sectoral growth: Consumption is in their favour, overall market is growing and is very unlikely to go down in the medium term.
Operating leverage: Operating leverage is going to play out for them in the next quarters.

What I can not understand is the antethesis in the comnpany’s core operations and corporate governance and the things that can go wrong for them. I want to understand that more deeply. If anybody who’s tracking thgis closely can throw some light on this.
It will really help new investors to get a deeper understanding.