I was really intrigued after reading the article by Mr Shankar Nath. Wanted to dig deeper to understand the capability and the track record of the management, specially Mr. Ashok Kumar Gupta who has done wonders with Jindal Stainless and APL Apollo Tubes.

There are two points which I am a little concerned about

• In the interview – https://youtu.be/HgdbdmBBYfY?t=246 in Sept 2020, Mr Ashok Gupta talked about reaching 1000 Cr revenue in three years. Now there was another COVID wave after this so it would have definitely affected his plans. By march 21, there was revenue degrowth of ~5% and by march 22, they reported revenue growth of ~10%. Results begin to look good by March 23, where they reported revenue growth of ~35% (at 486Cr). The problem is, if you look at the end of dec quarter, FY 24, the revenue growth seems to have slowed down (TTM revenue is ~526 Cr.). At this rate it might be difficult to reach a 1000 Cr revenue even by FY 25. Is this a case of over-promising and under-delivering? I am not sure.
  It seems, the 1000 Cr revenue target was later revised and is now targeted for FY27 – Shalimar Paints hopes to cross Rs 1,000 crore topline in coming years, ET RealEstate

• The company does not seem to have published earnings call recordings/ transcripts for Q2/Q3 FY ’24 . (Or is it that I am unable to find them?). Is this a red flag? Would love to understand fellow investors point of view here.

Disc: Not invested, tracking

@visuarchie hii, Could you please share the current percent allocation of the funds within these 20 stocks, either here or in excel. I want to enter but not sure about how do allocate funds.

thanks this is super helpful

On 1 – wow that’s a lot of effort to do manually. Should be a better method as manual may miss. However this is excellent

One thing – have you tried variations of this strategy to see the variation in results?

Management comments regarding Debt

I wanted to understand the erratic tax deductions, any inputs?