Swaraj has negative working capital cycle of around 30-40 days (~10% of sales), leading the company to hold liquid cash & investment to the tune of | 130 crore (~10% of MCap) as on FY20. Going ahead, the company's capex is limited to around | 15-20 crore (~2-3% of sales), which we expect to be funded through internal accruals. This leaves aside incremental cash of at least 4% of sales every year. This bodes well for healthy dividend payout in years to come. The company announced a dividend of | 40/share, providing dividend yield of ~4%. Going ahead, we expect strong balance sheet along...