Nice work Ayush. Here are my two cents:
I have lost my working, but by comparing capacities, inventory, share count and applying a10% mgmt quality discount, the Triveni sugar per share value should be 40-45% of Balrampur per share value. So one can do relative valuation vis a vis Balrampur. You could do the exercise and see if you arrive at similar answer.
Gearbox business is comparable to turbine business. Margins and steady state roe are comparable. After all one can’t have turbine without gearbox. Business has a lot of promise given economics and dominant mkt share in high speed segment. Right now it is going through a rough patch due to low in capex cycle.
Water business can be compared to a small Epc company, o and m contracts notwithstanding.
Value of Triveni turbine could be unlocked in the future as part of promoters succession planning. Better to take a huge discount to mkt value, say 75%.
You could do sotp and estimate per share value.
Mgmt signalling to mkt is terrible, you know scrapping demerger and all.
Still holding on to my shares.