I don’t understand how you’re calculating EBITDA & PAT as 52 & 19.89 Cr respectively for Q2 FY23. Moreover, the topline projections are 1800-2000 Cr not for 2024FY, but I guess 2025FY.
If you ask me the key lookout is their execution in the Aluminum segment, as they are facing some challenges there, being new to the space and it is also affecting their gross and EBIT margins, which as per the prior discussions should have added positively to the margins but that is not the case currently. I understand this does not have significant contributions to the top line, but that itself is another lookout for the shareholders to increase the pie of these other value products and control over the Opex cost due to the recent acquisitions.
Valuations are still exciting but if you want to see some fireworks, they will have to show some good growth% at sales and EBITDA levels (which I expect to remain subdued for a quarter or two conservatively). Or expect Mr Market to price in those assumptions ahead of the fundamentals.
Technically, I see strong buying interest below 425 levels and the recent move in the share price validates these assumptions.
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Discl: Fully Invested