I was fan of mr.kamlesh and Lt.mukesh ji.
But now my perception about the industry has changed, it’s old era when there is one sided credit demand and 4 or 5 active NBFCs are there.
But now 40+ NBFCs r active , and there is huge competition.
For secure lending there is no space for mas.
And they r not good at unsecured lending. So if I like secure lender then I will go with canara bank like psu. Where 14+ ROE. And 3% div yield. And highest level of corporate governance is there.
And If I like unsecured lending then we can choose Arman or credit access gramin.
So for me mas is not going anywhere in next 5 yr. after jio’s entry.

Disc. Sold

Still a lot of value left in this stock. Expect a PAT of 700cr in FY-27 from ~330cr in FY24. Great earnings acceleration ahead.

Management Commentry on Results:

New facility has become operational in August 2023 which has a capacity of producing 750 – 800 kg per month and currently have achieved 60% capacity utilization.

Intend to grow revenue at 30% CAGR for upcoming years.

Want to expand product portfolio – doubling from current 3000 offerings to about 7000 per month by introducing new metals such as white gold, platinum and studded jewellery as well as foraying in new segments like mangalsutra, chains, antique bridal jewelleries etc.

Want to expand footprint beyond the domestic market to have meaningful export contribution from markets of SEA, MEA and USA.

Plan to double headcount of our inhouse design team from 100 to ~200-250.

The company also plans to add around 30,000 moulds every year. Moulds are used in the casting process of manufacturing jewellery.

Result is on expected line with a surprise announcement.

Please find below an excerpt from Waaree Energies Ltd DRHP. They recognised Websol as the only listed peer to them as on december 2023. However, it looks like they picked websol to project good numbers to the investors as websol figures are dented due to ongoing capex and old line impairment loss.

So, listing of Waaree should rerate Websol as Websol’s goal post has changed from Cell- Module line to integrated line starting from Ingots -wafer-Cell-Module (Polysilicon would be procured from China or local manufacturers). if this happens, Both waaree and Websol would share the same business segments and both will procure polysilicon outside. of course, there will be a huge difference in final module capacities.

Let us hope Websol starts producing numbers at the time of listing of Waaree energies Ltd.