Hi Jiten,
In the steel sector, have you come across Maithan alloys? They have a net cash balance sheet ~ 500 cr., market cap ~ 1000 cr. Worse case PBT (at cyclical low margins) ~ 180 cr. I have done a detailed analysis in the maithan thread (Maithan Alloys Ltd). My only concern is steel companies are at their cyclical low margins, but are still profitable, meaning that profits haven’t seen their trough yet. I would love to hear your thoughts.
Cheers
Harsh
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