At first glance, It seems expensive to me, so if I were you i will not add it to my portfolio at current level.
You have to value it on SOTP basis - retail + manufacturing basis. Current market size of the business is about 2200cr. It has market share of about 12-14% and is the sector leader. Sector itself is growing at 18-20% pa. Company is growing in excess of 30% and gaining market share. They have no pan india competition. They face competition from 1-3 store business on city basis. Helios from Titan is small but operate on lower price point and not with ethos watches. KDDL's online business contributes about 25% of total sales now and is growing 100% YoY. It has achieved break-even now. Right way to draw some parallel would be to compare it to what Heng Deli has done in China in luxury watch retailing in China between 2001-10. On valuation - it's a personal thing. If you convinced about the size of opportunity and mgmt quality than whether you pay 20% more or less won't matter in grand scheme of things. If I were you I would buy in stagger fashion over a period of time as conviction builds and mgmt walks the talk. PS: I'm invested from 70/share level and added up to 250/share. My views may be biased.