True !
As technology evolves and the fact that the whole world is working on this subject , the cost of Green hydrogen price should come down drastically and the cheapest hydrogen production would start from none other than India.
Already Green hydrogen from waste water is sold at least than a USD.

Not sure if this answer applicable to all but I was able to hold this stock from Rs 400 just for dividend. As I look for dividend, I never sold this and hence was able to resist temptation of profit booking or attempt to sell at higher level and buy once it falls.

Great work guys…very interesting research on the company. On the concerns raised on the financial statements, I have two cents to add:

1. Auditor: Suresh R Shah & Associates, the company auditors do not have a website and cannot find the name of any other listed company, this firm audits. I was able to get the list of partners from ICAI website, and looking at their membership no. it can be said that the four partners and good years of experience…20+ years. So it cannot be concluded that the auditor is shady and they are more experienced than Adani Enterprises auditors for sure.
   

2. Cash Flow Statement: It is baffling that the company has not generated any cash flow in the past 10 years. A closer review of the Cash Flow Statement reveals that the company has been investing all its earnings into working capital, which is possible as the company has not raised any capital, does not have any debt or even short-term loans and has been growing revenues for the past three years at 50% plus. Everything put together, it is possible for such a company to not generate any free cash flows.

Disc: No investments

Best Regards
Shobhit

Great to see the rise of Tata Investment Corp from no. 10 position in your first shared portfolio to no. 1 now!

Yes it can if they start playing fast and loose with regulations.

For e.g. not issuing payment terms calculations to their borrowers or ignoring KYC requirements etc.

Based on management quality, so far it seems much less viable, but certainly it can happen. Humans are emotional beings, if emotions of greed and feeling powerful/in control ever take over the logic of playing by rules, any management can act stupidly.

This said, recent episodes of IIFL, PayTM and in the past of Bajaj Finance, HDFC Bank, etc. would have caused a lot of managements to introspect their processes and tech stacks to ensure they are in as much compliance as one possibly could in order to avoid regulator’s and investors’ wrath. So this is probably a really good time in invest in quality financials given availability of decent valuations (this doesn’t seem to be the case right now, but valuations are subjective, expensive to me might seem alright to you depending on your time horizon and how far out you are willing to consider growth).

An additional thing that can be used as a gauge of how likely it is that the management would do stupid things is to see how they fared during previous growth outbursts – see 2006-07, 2013-14, etc. If management during those periods stayed calm and didn’t get over excited, it probably is likely that they would stay consistent to their behavior.