Mazda Ltd - Sheer Undervaluation?

FII exited fully from the counter in Q1 FY 22. Over long run has given good wealth. Sales down, FCF, Poor sales growth is concern.

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Fantastic result - Engineering division performed extreme well. Food division also did not disappoint

Disc - hold from much lower level. no transaction in recent times.

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FIIs again entering into the business

Also Clientelle information is not provided.

Can you please provide more info to support this ?

Thanks