Thanks, I agree with your thesis
Some points I want to add based on my research
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Trichy & Namakkal was the most hotly contested GA in the 11th round. It had the maximum number of bidders at 13, and IRM managed to edge out some heavy weights like Adani Total
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I feel the subsidiaries also have a long runway (you can read more about them in the Industry report I shared above)
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One piece I worry about is that fact that PNGRB has distributed almost 100% of the GAs…only islands are left. So once these 4 GAs that IRM has mature then where will the next leg of growth come from (there will likely be industry consolidation at that point)
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Maheswar Sahu leaving at this point is not a problem I feel – the biggest value that he could have added was getting licenses to operate GAs…so he has done his job (as there are no GAs left on the table)
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Enertech Distribution has 21% share in the company – one of the directors (and I guess shareholder) in this company is someone named Shilpa Sahu. I will not be surprised if she is related to Maheswar Sahu. So in an indirect way Maheshwar Sahu will have his skin in the game (I’m just connecting the dots)
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If you track the sales of EV vs CNG cars, the latter are doing better in terms of sales…so the anti thesis that EV is going to kill CNG doesn’t hold water
Disc.: invested
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