Also there are some red flags that I see in their numbers and statements a) Most of its ratios such as cash conversion cycle, working capital days are in upward trajectory since 2017; which is not a good sign. If the demand is high and they are niche supplier they must be able to negotiate better terms and improve on these ratios. b) Any idea on why promoter equity dropped in Dec 2020? c) Also diversification into Health & hygiene is a crowded market, and we don’t have enough information on what chemicals are they supplying in Drilling business, there is not much info in public domain.
What proportion of revenue comes from Textile chemicals, Cleaning & drilling business?