OK Play is a small-cap toy manufacturer. However, it has also diversified into making commercial vehicle fuel tanks and electric three-wheelers.

Despite its bizarre diversification, the stock has soared 3x in 2 years and currently trades at a P/E of 348 times.

We decided to dive into the books of this perplexing company. Swipe to know what we found.

It believes it can double the revenue from its toy business every year for the next 5 years. Its past performance, however, does not evoke confidence.

It incurred losses in four out of the last five years. Its three-wheeler business also remains a loss-making venture.

Its tale of perplexing diversifications does not end at three-wheelers. It recently started manufacturing air purifiers.

Since December 2023, the management has scrapped a share split, raised ₹43 cr through equity share issues, and then planned another split.

Don’t get swayed by the rally. While there is a possibility that it may meet its lofty targets, the odds are high.