conversion cycle in education (publishing) industry we interacted with a few large dealers (Bihar/Jharkhand, Mumbai) and visited a lot of retail shops in and around Mumbai. Highly competitive nature of the CBSE/ICSE market coupled with seasonality (75-80% of S Chand's sales occur in 4Q; 50-55% of Navneet's sales occur in 1Q) results in higher receivable days for S Chand than Navneet. Consequently, Navneet has higher inventory days (prestocking happens prior to the start of the academic cycle) at year end than S Chand. We believe that working capital intensity of both the companies is unlikely to improve meaningfully in the near term. We have a BUY on both...