Hello, Sanghvi is different from Ace. Sanghvi is more of a distributor of Chinese equipment into India primarily catering to the wind sector. On the other hand, Ace has their own brand of cranes which has gained traction due to the infrastructure push. Ace is also manufacturing higher tonnage cranes now. Ace is making backhoe loaders which so far has been dominated by JCB and they intend to gain market share here. They also want to export these backhoe loaders. Also the return profile of Ace and Sanghvi is very different. Sanghvi has operated on low RoE in the past and also debt however Ace is comfortably 20%+ RoE and even higher RoCE and a net cash balance sheet.
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