Excellent Analysis. Just one question, is Excel Industries and crop care related entities held by the same set of promoters? i note that both companies derive their major revenue streams from agro chemical products. Wondering why the promoter has two companies to engage in same line of business and whether the related party / transfer pricing rules are met? Please correct me if am wrong. Excel industries trade at a PE 9.5 whilst Excel crop care at 16.8. Is this difference, supports the invest case?
disclosure: Not invested but has bought agro chemical products of excel crop care / industries. I notice that either of the companies own plantations in Idukki and Tamil Nadu.