All purely domestic facing formulations agchem companies make these kind of asset turns, it has nothing to do with being an MNC. This is because formulations in agchem means mixing active ingredients in a given proportion (basically diluting the concentrate to relevant levels). This doesn’t require fancy machinery and can be easily done at very low capex. A correct comparison is Dhanuka Agri which does similar fixed asset turns (10x+).
The problem with domestic market is growth, its hard to grow beyond a given level. You can read my detailed post about this where I compare all agchem companies and different business models that exist.
