As per the email communications with their company’s secretary, the LOIs from the last 2 allocations are flowing through by respective regional offices of OMCs.
Considering the execution of the tenders is in process, H2 should be much bigger than H1.
Verirfied this with OMCs executives, LOIs are getting released.
Capacity utilization should be significantly better than H1 in order to fulfill the tender quantities within stipulated timelines.

Certainly, it’s difficult to evaluate a company and it’s promoters when much information is not shared with shareholders, and the same is also not available on other platforms. And this is the case with FM. They do not provide detailed strategic/future plans in their annual reports, and investor Concalls are also not conducted. Also, it’s become more difficult when an investor comes to know that:

1. Promoters do not care much about keeping retail investors informed.
2. The promoters have a vested interest in another automobile company (Jaya Hind Private Limited), and some of the investment (JV) formed by JHPL and BMW might have been brought under the umbrella of FM, which could have given more value to FM. The rationale behind such acts may raise some questions that do not get prompt replies from the management.
   (https://www.autotrack.ind.in/post/significant-collaborative-venture-between-bmw-jaya-hind-industries-private-limited)
3. The promoters are also directors of EKA Mobility (Pinnacle Mobility Solutions Private Limited), which is a related party (sudhir mehta is the son-in-law of Abhay Firodiya), and their business operations seem to be in the same segment (EV).
   (EKA 9 bus – EKA Mobility)

Management will in any case issue clarifications.
Even in the case of promoters colluding with operators/Auditors for price manipulations or fake PL/BS, All promoters/managements will present themselves holier than thou.

But a bigger question is, could this be trusted.

Stock took a further beating of 10% post management”s clarification.

Lets hope market has factored in the worst case for the stock.

Looking at PL/ BS, and outlook presented bt the company, seems at an attractive price though.

Discl: Tracking

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yes very well articulated @phreakv6 …a voice of reason.
am generally too lazy responding here, but have been following your posts for a while, and have found them helpful. thanks and keep writing !