TRANS & RECTI. LTD

“TRIL is a structurally positioned cyclical manufacturer in India's multi-decade grid investment supercycle, but it is not a quality compounder — L1 tender economics, chronic FCF deficits, thin margins, promoter governance, and a 26x forward P/E that embeds near-flawless execution leave no margin of safety at current prices. The business is worth owning at the right price; INR 220–240 (roughly 18x forward) would be that price. Until then, track.”