As I said ,it depends on your P.O.V. Frankly this is turnaround story and it is not complete yet .There is an element of hope based on recent working capital availability and tailwind due to government policies . There is no clear valuation metric either . In these type of companies it’s very futile to expect A grade consistent financial metrics . Also , the business usually is low margin, highly capital intensive and lumpy because of irregular and one-off kind of products(chadrayan things and that cement kiln for example ) . But tailwinds on a turnaround company can be a wonderful thing if one gets in early ….
Disc: Invested barely 1.5% of portfolio at 220 levels.
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