SPL is better on two fronts…
Better fund Management, as per the AR it ended 2018-19 with nil inventory. This is also reflected in higher RoCE.
SPL is also doing Capex, and with it’s optimal fund management and low volumes base, there is plenty of room for growth.
Management appears ethical, margins and Fcf is good.
But what worries me about this sector is that currently times are good, EPS is rising, it will be followed by bad times of couple of years. After which we will know which stock is deserving of investment. In good times, everything appears good.