The endless growth I reckon is from demand for NZ dairy products from global market
Endless demand growth requires endless supply growth....

I can see they are not yet at full capacity, and want to build the new drying room etc, but their outputs are finite once they run at capacity, unless they build more plants of course. BUT, to run at full capacity, they need to increase their input, and currently they partially rely on Fonterra to supply some of that, but will they achieve sufficient supply penetration to 1. replace Fonterra supply, 2. gain further market share. (Yes, I see they have picked up supply agreements with REL for a couple of their farms)

I'm struggling to see this as a true 'growth' story right now - it reminds me of the meat industry with it's supply issues, (potential) production overcapacity and high fixed costs to defray on single-use production facilities. Perhaps I'm too pessimistic, but to characterise this story as one of endless growth is fantasy IMO. There's not endless space to keep dairy conversions going in Canterbury, nor is ECAN prepared to hand over the water