January 12, 2024 Demand continues to be strong. 70% of Company’s sales mix is tubes and pipes. Balance is others. Declining steel prices has been a challenge but them now stabilising, situation should improve. Dealers are expected to go for restocking from Q4. Currently company has 400 dealers and distributors. They are expected to increase … Read more
October 17, 2024 Similar observations – competitive pressures, commodity prices, demand dynamics… too many moving pieces and hence continued performance below expectations. Valuations continue to be expensive at TTM P/E of 72x. January 23, 2024 Focused, transparent management. Business continues to face competitive pressures. Besides, being present across segments, there are too many moving pieces. … Read more
June 28, 2023 One of those companies that held huge promise at the time of IPO in 2016. Consequently investors overpaid. Revenues since 2016, i.e., 7 yrs have grown at a CAGR of 9%, EBITDA at 2% and PAT at 4.4%. Share price consequently since then until today is flat. A part of underperformance can … Read more
May 8, 2025 Things are normalising. Margins have started marginally inching up. Management expects that with better scale and situation normalising, margins over medium term should average out at around 14%. Capacity utilisation should max out in FY 26. Capex once approved by board will be shared publicly. Capacity expansion will be measured keeping target … Read more
May 23, 2025 Continued muted performance US remains uncertain due to tariffs. In 2025, US contributed 8-10% of AIA’s volumes. So far there is no impact on volumes. Tariff increases are being born by the customers. Clear picture will emerge in couple of quarters. Management continues to be hopeful about major conversions in Chile and … Read more
April 29, 2024 Going forward the performance is expected to improve due to industry dynamics. Surplus funds with the Company no plan to distribute it the shareholders will be used to fund organic and inorganic growth + a buffer against volatile WC requirements As always was a very good call with management’s focused control over … Read more
May 12, 2025 As expected, good Indian performance due to government supportive policies. European operations continue to be a drag. Outlook India will continue to do better and management may decide to scale up it’s operations in the country Internationally In the short term, management working to reduce EBITDA losses (by 40-50%) through various initiatives … Read more
February 7, 2025 Muted Q3 performance mainly because of muted revenue growth. Margins continue to improve despite company spending more and more towards future growth. Q4 is expected to see a significant dip in margins due to some expected increase in expenses especially for the US market. Revenue growth should be somewhat better though. Given … Read more