Small Water Management
Market Cap
₹5,709 ₹5,709 Cr.
P/E
58.21
PEG
2.37
PEG = P/E ÷ 5yr Forward EPS CAGR
5yr Forward EPS CAGR Thesis - Base Case

- The thesis comes alive if Roha ramps from 25% toward ~85% utilization and legacy engineering projects clear; chemicals and consumer products then outgrow engineering.- Bull path needs WQA certification to unlock US drinking-water resin orders, Oman DBOOT ahead of schedule, and MANN+HUMMEL membrane revenue scaling beyond ₹200 Cr by FY29.
- Bear path centers on Roha customer approval delays, a persistent West Asia crisis lifting raw-material costs, and UP Jal Jeevan Mission funding staying stalled.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis comes alive if Roha ramps from 25% toward ~85% utilization and legacy engineering projects clear; chemicals and consumer products then outgrow engineering.
  • Bull path needs WQA certification to unlock US drinking-water resin orders, Oman DBOOT ahead of schedule, and MANN+HUMMEL membrane revenue scaling beyond ₹200 Cr by FY29.
  • Bear path centers on Roha customer approval delays, a persistent West Asia crisis lifting raw-material costs, and UP Jal Jeevan Mission funding staying stalled.
Bear : 0.4% CAGR ₹186 Cr
Base: 5.4% CAGR ₹236 Cr
Bull: 9.5% CAGR ₹286 Cr
Management Credibility Report
TRACK RECORD
  • Management can be trusted on discrete physical milestones and chemical margin protection: Roha was eventually commissioned and chemical margins held when input and mix were stable.
  • Discount government-linked project timelines, consumer growth and engineering profitability — the repeated revisions show a systematic tendency to quote the optimistic completion point first and settle on a defensible date later.
  • The pattern is a systematic bias toward assuming conversion, ramp-up and mix improvement arrive sooner than they do, not random forecast error.
Met : 2
Progress: 2
Missed : 6
Risk Probe Report
WORST-CASE SCENARIO
  • Overall risk profile is debt-light with clean audits and no dilution, but the forensic concerns center on real margin compression, negative operating cash flow, and rising working capital.
  • The most severe stress is the compound Roha underutilization plus Oman capex acceleration, which could force dilutive equity and several years of depressed returns.
  • The margin decline is operational, not an accounting artifact, driven by Roha costs, legacy project drag and mix shift; the IEEFL subsidiary exposure is a governance caveat.
High Risk : 0
Medium Risk : 8
Low Risk : 9
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