Don’t know who calculated it, but Time Techno hasn’t quoted at 28 PE for last 3 years (Disclaimer: been holding/adding Time Techno since 2019). It’s valuation is only now going up.
Only major common product between Pyramid & Time is IBC which is a big cubic polymer/fiber container used to transport chemicals. This is a value-added product having ~16-18% margins & Time has more capacity/sales vs Pyramid. Otherwise Pyramid is into metal drums a lot, which is very minor for Time.
Besides, as you’re going through Q1FY24 transcript & their FY25 projection, please chk their Q1FY25 to see if they can deliver as @hitesh2710 advised.
From Pyramid Q1FY25 transcript, their IBC business is affected by shipping crisis whereas Time (per Q1FY25 transcript) says they’re not affected. So I’m guessing Pyramid performance will be affected (atleast relatively) in FY25 also.
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