Micro Water Management
Market Cap
₹1,529 ₹1,529 Cr.
P/E
17.62
PEG
0.62
PEG = P/E ÷ 5yr Forward EPS CAGR
5yr Forward EPS CAGR Thesis - Base Case

- The thesis comes alive if NTPC design and drawing approvals, sample-container acceptance and FY27 BESS execution arrive on schedule, while water order-book conversion sustains the core business.- The bull path depends on earlier BESS commercialization and faster Power & BESS execution alongside stronger water intake; the bear path is triggered by approval or execution delays and weaker water order-book conversion.
- Imported-cell costs, project-funding and approval delays, and tender-driven collection risk can cap margins and defer billing even with a substantial order book.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis comes alive if NTPC design and drawing approvals, sample-container acceptance and FY27 BESS execution arrive on schedule, while water order-book conversion sustains the core business.
  • The bull path depends on earlier BESS commercialization and faster Power & BESS execution alongside stronger water intake; the bear path is triggered by approval or execution delays and weaker water order-book conversion.
  • Imported-cell costs, project-funding and approval delays, and tender-driven collection risk can cap margins and defer billing even with a substantial order book.
Bear : 14.9% CAGR ₹173 Cr
Base: 27.7% CAGR ₹294 Cr
Bull: 38.2% CAGR ₹434 Cr
Management Credibility Report
TRACK RECORD
  • 7 of 13 promises kept — but every miss clusters in one place : Solar, battery, and green-hydrogen timelines all slipped 18–24 months (H2 pushed ~7 years); the balance-sheet and 5G promises landed on time.
  • The tell : Management hits every target it controls (leverage 0.64x, EBITDA doubled to ₹2.08 lakh Cr, 5G on schedule) and misses every first-of-a-kind build-out — so haircut clean-energy dates by 18–24 months.
  • The number that doesn't add up : Revenue grew 5% but receivables jumped 26% and cash drained to ₹0.46 Cr — growth is turning cash-intensive right before the make-or-break renewal.
Met : 0
Progress: 0
Missed : 0
Risk Probe Report
WORST-CASE SCENARIO
  • The dominant risk is a cash-conversion failure: receivables, contract assets and working capital have expanded while reported earnings remain disconnected from operating cash flow.
  • Liquidity is structurally fragile because obligations depend on collections, arbitration recoveries and bank-guarantee access.
  • The existential downside is a correlated payment freeze, arbitration delay and margin-call cascade, potentially forcing restructuring or deeply distressed recapitalization; dilution remains a persistent shareholder risk.
High Risk : 5
Medium Risk : 4
Low Risk : 6
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