I’m in complete agreement with you!
I invested in Parag because it has the proper ingredients, and given their success in Cheese I thought they could perhaps capable of doing the same with Whey protein too. But they seem to be more keen on entering in more categories (even me-too ones like sweets), releasing more variants of a category, acquiring a brand of similar category with loads of SKUs… than a company of its size is capable of affording. Also, they are doing some Rosy things (airlifting premium milk to Singapore) to probably catch eyeballs possibly in an attempt to achieve ‘FMCG like valuation’ sooner than later.
I exited when the stock hit stoploss near 180. I still believe not much is lost, other than market trust which may take longer to regain. They still have the distribution, the procurement chain, own farm, brands everything. If they take some lesson from the beating of market price, then they will probably focus in near future on things where they probably have the higher probability/right of winning. They should look at their own history, own recipe which brought them success with Cheese, other than doing flamboyance in order to get rich valuation.
I will continue to keep PMF in my watchlist.