Impressive breakdown. The 100% fleet utilization combined with 58% margins shows this isnt just abusiness model its operational mastery in a capital-heavy industry. The shift from oil & gas to diversified infra (steel, metro, renewables) is smart risk hedging, especially as EPC players increasingly prefer asset-light models. That 22-25% ROCE on new capex is what separates serious compounders from equipment owners.
Debt to equity ratio high
Yes, point of concern
Impressive breakdown. The 100% fleet utilization combined with 58% margins shows this isnt just abusiness model its operational mastery in a capital-heavy industry. The shift from oil & gas to diversified infra (steel, metro, renewables) is smart risk hedging, especially as EPC players increasingly prefer asset-light models. That 22-25% ROCE on new capex is what separates serious compounders from equipment owners.