Sadhana nitro :a Dog or a Horse?

@nithin_Shenoy i am considering a purchase here. Just cross checking the size of revenue from just PAP. Correct me if these are reasonable assumptions.
F25 PAP production volume 8000 tonne
FY26 PAP production volume 22000 tonne

Let’s assume avg realisation of 2500$ per tonne

Across fy25 and 26 avg revenue = 300 cr from PAP

Do anyone have idea about promoter holding in Dec2023 quarter , it shows 6% decrease , is this due to promoters selling to public or due to rights issue ?

Fixed assets of the company have stabilised indicating completion of capex

Para aminophenol import prices crashed in last 1 year

Possible that company is with holding production due to unfavorable market conditions?

Right issue will be repriced. Is it a red flag.?

When right issue was priced so high that the promoter only would have participated, why is there a decrease in promoter shareholding? And why the exchange wasn’t notified of the same.

Can anyone help with the answers please?

Have a look at the other expenses in Q3 FY24 results. Any sense on what all it covers and why it has doubled from previous quarter?

Other expenses has been a big mystery to me too. Company doesn’t do concalls. Let’s see if they will put out investor presentation.

Looking at the initiatives of the company, the intentions were never doubtful.

Sadhana has 4 different auditors for Statutory Audit, cost audit , Secretarial Audit and internal audit what do you make out of it ?
The other expenses continue to be on the higher side, the receivables are on the higher side too and they don’t even conduct investor calls - dicier than ever

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Business

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Right Issue Upcoming :

Dividend : 15% FY 2024

Last time when the share price was up around 130-140 management announced the Right issue
Then the stock fell immediately
Later they announced bonus.

Then the stock corrected back to 58 odd levels

We could see huge spike in volume yesterday… the management again has guided for Right issue to not further dilute the equity to raise money…

I think if the results are good with lower expense then we could see chances of revival

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Seems like Paracetamol API is having trouble…

Concall : Granules

Sadhana Export Data

Most what i do see here is : Other than PAP sales, the dyes side of things are growing…
Its difficult to get business bifurcation however we need to connect dots by listening to other concall.

PAP will take utmost 2-3 quarter which is second half of FY 25.

However if the business is able to maintain this sales - hard to tell… I dont know how other things within this business demand are… either its for a month or say 6 month dont know.

if someone has spoken to management please share the notes

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