I had done some work some time back my understanding is the cost of bed is key factor. I have not done deep dive in Narayana.

To understand the difference between Apollo and Narayana EBITDA/Bed pricing you could check cost per Bed Comparision.

As I understand the location – basically real-estate price and manpower cost get changed based on the location of establishment.

Nicely summarized.

For non-pro members, i.e. If you are unable to read the complete article you can use the link below.
(Valid for 15 days).
http://www.moneycontrol.com/claimgift/26f94ded13658c56ee71fddfd491c193

Thanks for this. I remember reading the corporate misdemeanor thread fully when i joined VP. Need to relook again.

The thing is with sme and smallcaps these things keep coming out of the woodwork. One reason i dont invest in sme is this.

P.s : I have absolutely no problem in investing in turnaround and corp governance hit companies. Invested in CG Power after Murugappa group takeover(Turnaround was not guaranteed). Invested in Suzlon at 6Rs and BCG at 10 Rs :). But Suzlon and BCG i knew that its just a ride and sold when i made 150%. Did not want to risk more.

So as long as u understand the investment basis and fully have the drawbacks in mind along with knowledge it can all go to zero, then you can invest.

There was a good recent report on Kaveri seed by LKP.

15.01.2024 LKP report

• Network of ~60,000 distributors (direct & in-direct) and retailers
• Company has 1 million sq.ft warehouse facilities
• R&D
  ** Increased from 3 cr. in FY21 to 17 cr. in FY23 (165 scientists). Setting up R&D biotech plant for 25-30 cr.
  ** Implemented standardized breeding processes for various crops, which have helped acquire germplasm with disease and pest tolerance and stable yields. Multiple breeding locations are used to identify tolerant lines, resulting in the development of superior hybrids that can withstand diverse conditions
• Average lead time from R&D to commercial introduction is 7-8 years
• Distributed 920 cr. as dividend and buyback since their listing in 2007
• Hybrid vegetable seed is one of the fastest-growing segments and estimated to be 2,000 cr. Kaveri has built an exclusive sales team of 20+ employees
  
• Hybrid rice is 9.5% at 4.2 million hectares
  

Disclosure: Invested (position size here, no transactions in last-30 days)