please help me understand this…
Should we calculate a weighted average acquisition price and see if the CMP is less than the acquisition price?
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I don’t think they can achieve Sula’s margin as Sula has higher margins due to hospitality sector.
Anyone still tracking this company? The stock is getting continuously hammered.
I think the agro commodities trading business is closed and the last quarter results were only Wine and Hospitality business. need to wait for this year`s annual report for restated financials.
last equity dilution was at 180 rs through warrants. so let us take as a good anchor 
For 9 months of FY24-25, they reported revenue of Rs 150Cr from the wine business. Agro commodity business is closed now.
EBITDA margin has taken a hit compared to previous years where it was in the range of 13-16%. The management is taking brand building and category development initiatives. These are currently around 12% of revenue and expected to stabilise around 7% of revenues in FY25-26
Company looks attractive at the current valuation of 600Cr having 30% market share and a strong moat
Disc - Invested
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Curious, the same company was at mcap of around 100 cr less than 2 years back…was the moat same then or it developed any in last couple years?
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Earlier this company was named Tinna Trade Ltd and was into trading business. Fratelli Wines was acquired and made a subsidiary by way of share swap last year.
So comparing market cap 2 years back wouldn’t be justified since Fratelli Wines wasn’t part of the listed company. Fratelli Wines on the other hand was founded in 2007 and was operating as an unlisted company
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Their auditor and CFO have resigned over last 8-9 months. What were the reasons for that and how should one read into it?
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Bit out dated interview (Aug - 24)
From latest investor presentation - https://cdn-media.screener.in/concalls/d582555f-f5c0-466b-a1ca-7953c54dafaf.pdf
Disc: Invested and added in last 1 week.
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