Thanks for your comments. I don’t want to drag this further. However, I will recommend these books and readings –

1. Expectations Investing (book)
2. What does a PE multiple mean (a paper by Credit Suisse). Search for it on Google.
3. Valuation book by McKinsey (one of the highest regarded books on valuation).

I am giving a screenshot (excerpt) of this book for your reference (please read the definition of N in the screenshot):

Now if we want, we can argue with Modigliani and Miller who actually won the Nobel Prize why they called that period as competitive advantage period.

I was going through the Q2 concall and it really gave very negative impressions to me. The CFO and CEO kept saying one standard phrase “we cannot give forward looking guidance, we do not know how it will pan out, we do not know how much would be the demand from customers”.
One can understand that the business is such that you cannot earn regular fixed revenue contracts but being the KMP running the show, you must be having fair idea of what can be the trajectory, the expected pick-up or consolidation in business!
They looked very defensive and appeared to be in no mood to make the interaction fruitful. Infact they did not talk about numbers at all! All they said was, at best, generic vague statements!

Radhesh Welling has resigned, Promoter holding is at 28%, No guidance/ affirmation from Management in the concall and a clear expression of not meeting the FY24 revenue guidance!! I know chemical space is in trouble at the moment, but the Management can soothe some nerves on the concalls, which was not the case here!

I would be really happy if someone from the forum can also share their views on the concall. Maybe I took some of the comments, the other way!! (Who knows)

Disclosure: Invested around current price. No buy/ sell recommendation.

Here is my updated portfolio:

I haven’t calculated XIRR because many of the stocks in the portfolio are recent buys.

The govt vision is clear. Company margins are extremely good. If India is aiming to be a product export based economy, the maritime sector has to be invigorated. With MNC conglomorates taking huge bets by strategic investments in India, prospects of auto/EV exports, UK FTA, Australia will result in huge cargo volumes. Some interesting topics for connecting the dots.

https://www.bloomberg.com/news/articles/2023-07-05/india-wants-to-ship-green-hydrogen-abroad-in-bet-on-demand-surge

https://www.msn.com/en-in/autos/news/uk-seeks-duty-concessions-on-evs-with-india/ar-AA1k4yZE