Though your Q is addressed to other Saurabh 
, if I may contribute on how I see Praj,
- Oversupply in India is in Ethanol but Praj in terms of tech and capabilities has pivoted in multiple new areas (though in some areas they are still awaiting deal wins) like isobutanol, SAF, bio-bitumen, ZLD, DC cooling solutions etc over last few years.
- On food security, I agree yes it is a concern.
- But macro data says that India’s food production has increased 75% (faster than population growth) over last 20 years (of which 25% was in 1st decade followed by 40%+ in last 10 years). This provides a headroom given government’s continuous focus on food production growth using tech, increased irrigation spend etc.
- Further I see ‘law of comparative advantage’ to kick-in, if need be. India will import low value food items and channel their own agri resources towards producing more remunerative bio-fuel in long run.
One if, that I had wrt Praj was what once capex is done and sufficient capacities are built by the industry (as in case of Ethanol today), what next? They always need to be on a tread-mill. Given this, their serious focus towards recurring services business is a positive.
Further with west asia war, every nation is/ will look at energy security. Hence, I see significant macro tailwinds for the business. Looking at big picture, I am sanguine…