Above is the Rough Sketch of how the things after incorporating MOS Pans Out
Note the company Ain’t cheap at 25x 1.5 Year Forward PE
This is After incorporating MOS
So One thing that once needs to ask management is how much value they add in chemistry this imo is just one or 2 step Process amd hence lots and lots of Unorganized Sector is in the competition
EDIT - After Putting Certain Assumptions such as → Since the margins of new products is 20% → the PF level margins will be in range of 20% the company Trades at around 15x PE → no level of Margin of safety Incorporated expecting smooth Journey
Disclaimer - Invested → Pf Size here Mann's Portfolio - #19 by Ashar_Mann