WIP
State Street SPDR FTSE International Government Inflation-Protected Bond ETF
stock NYSE ETF

You're right regarding OCF, it's quite interesting to look at though. A few things:
- For PAT, a decent part is coming from other income since they have a large cash pile earning interest. So PAT can look fine even when OCF isn't growing much imo
- The other thing is working capital. It might look concerning but management said they intentionally keep 10-20% extra inventory to handle sudden demand. And as steel price is up and defence orders increasing as WIP some of the cash getting stuck in inventory is understandable. I'd be more concerned if receivables start stretching tbh
- fy26 was definitely a flat (PAT went from 404 Cr to 415 Cr) and revenue was mostly flat. So I wouldn't say the business has been growing for a long time. But yeah.. q1 fy27 was their best quarter (PAT, Income and volume were up)
- Wouldn't annualise Q1 though like the management expects Q2 to be similar, but H1 is only 40-45% of the full year and H2 is more dependent on the monsoon.
- Also the major problem which the management is highlight for them is inflation would like to see how they tackle this, but they said competition is not an issue for them, thats positive.
For a 5-7 yr view I think its a good hold. Management said acquisitions is what will drive growth over the next 1-2 yrs also they'll give some outlook near sept so keep a track of these too
Side note: I'm building a SEBI reg tool called Diversifi for exactly this kind of analysis. It reads concalls, earnings reports and decks for stocks in your portfolio and flags what actually changed. Also has AI chat for questions like these. Link is in my bio, feel free to DM if you've questions

It's a WIP...have been mildly profitable for now