India’s best-performing stock of 2023 gained over 6,000%
public markets since the start of 2023. We saw an approximate 10% drop in indices at the start of the year. This was followed by an epic rally, off the bottom, that was fuelled by multiple factors primarily because of FII buying.
These are just the structural movements though. The real fun has been happening in individual stocks. A little-known stock involved in the manufacture of printed circuit boards has been the darling of the market.
It had an epic run from ₹7 per share to today’s price of ₹466 per share. The current P/E ratio is 278 (no, I’m not making that up!). This rally has taken the company’s marketcap to almost ₹4 billion (bn).
The company in question is Integrated Industries. Integrated Industries is primarily engaged in the manufacturing of printed circuit board (PCB). The company also manufactures high-quality single-sided, double-sided and multilayer PCBs with process technology from FUBA Printed Circuits Gmbh, a PCB supplier based in Tunisia.
In November last year, the company underwent a major rejig where the new promoters acquired shares via an open offer. Integrated Industries has been out of operations and faced multiple challenges for reviving its operational plants. It’s only in recent years that the financials show a turnaround, and the company has also paid all its liabilities.
In financial year 2023, the company posted a net profit much higher compared to earlier years, which could be the main reason behind the speculative rally seen in this microcap stock. This net profit came on the back of a one-time other income, which comprised of credit balances written back. That was for 2023.
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