I could be wrong but below are two observations from DRHP which led me to be away from this company.
Risk 1 – We derive a significant portion of our revenue from operations from orders which are contracted to us by Contracting Customers. We have received projects from Contracting Customers such as Tata Projects Limited, and JNK Global, one of our Corporate Promoters. However, we receive majority of our projects from JNK Global. We work with JNK Global as one of our Contracting Customers and thereby cater to various End User Customers including Indian Oil Corporation Limited in India.
My view: Above tells me that company can have a intermediary influenced by promoter or the Korea partner group where the profits could be stored – with no annual report out yet – check for related party transaction in future. Almost 50% of the orders are from JNK Global.
Risk 2 – We are an asset light Company wherein we outsource our fabrication process to third-party fabricators for most of our projects which presents numerous risks.
My View: How can manufacturing company be asset light ,Reason could be that promoter Arvind Kamath has many businesses under brand name Mascot and Porvair so work might be going der for processing and hence needs deeper review.

b6eff5f1-55c0-4873-afa2-64a4a9b1daee.pdf (1.6 MB)
Results are as per management guidance and growth in vehicle finance business is heartening. Post housing finance exit, book value will be more than 300 and current price likely to get re rated in 2-3 years.
QIP proceeds and recent rating change to AA- will help in growth capital and reducing interest rates will support return ratios.

Brookfield parentage ensures governance and Madhu soodan consistent holding gives more confidence in the building story.

I see it as a doubler in 3years. Am I missing anything?

The results are outstanding

No Major Changes in shareholding pattern except GTI Capital Alpha Block deal on 28 June, suggesting a strong hold I guess.
Invested and Biased!

Please refer to this post by me – exactly the same things covered in this mint artilce.