Promoters are showing conviction though. If you ignore the next 1-2 qtr, they have guided for volume and margin growth, which is already good. Debt reduction is in play, tactical capex as well which will unlock volumes. Further, promoter holding, FIIs and DIIs have all increased the stake, public has decreased. Its a matter of time before we a rerating as well. Management has also said they want 15-20% of their revenue from high value add products and not commoditized business and approvals are awaited, could take 1-1.5 years for them to hit it big.
Makes no sense for such a huge cash flow generating machine to trade at such discount, even lower than the intrinsic value. With the 2k crs from NTPC case, and the 1k crs from rights issue resolution, they have 3k crs for potential capex/expansion/acquisition plays, with very little long term debt. All in all, this is a massive ignored underdog being supported by all tailwinds. Budget in Feb will further focus more on water and oil/gas infra (as seen from exploration news)
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