Preciously and Very Neat estimates… Even I agree with all your assumptions + Triggers…
Trading at very reasonable valuation of below 10 in FY26 Estimates
For antithesis:
- Concentration in Revenue (Top 10 customer contributes over 50% of sales)
- Cash Flow + Debt Saga (Weak CF need to be fund with Debt or Equity… If CF hasn’t improve then whole growth + OP lvg would be messed)
- China Dumping of Low quality & price Pipes, (Although Hariom has advantage but this can harm margin profile)
- Almost all players in ERW industry is doing Capex, this can again hamper profitability if Supply > Demand
- Some Related Party transactions (But I feel it’s okay as every company has such things)
Subscribe To Our Free Newsletter |