The Perils of Pavlov: Intellect Design Arena
Have we seen this pattern before? A mission-critical infrastructure product, multi-decade switching costs, heavy upfront R&D that suppresses today’s margin, then operating leverage as the installed base compounds. The same playbook is being played out across CDMO and Precision Engineering domain At roughly ₹10,500cr market cap and ~30x trailing earnings, the market is paying ~30x for a business […]