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KRISHNADEF

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Investment thesis · v1

Bulb-bar moat funding three defence optionalities

Effective 2026-08-12

TL;DR: Krishna Defence's niche naval bulb-bar franchise must keep replenishing orders and converting growth into cash while WaveOptix electronics, VABO composites and the Jalkapi underwater programme are treated as staged optionality—not current earnings. The balance sheet is strong, but product concentration and a demanding valuation leave little room for weak execution.

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Fundamentals

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