Reasons why company is likely to do more than 25% revenue growth (as guided) without inorganic expansion in coming years:
a. In advanced stages to finalise deal with at least two large organisations for their GLOBAL operations
b. Margin expansion in play: Foreign share in revenue in Q1 FY’25: 61% (vs FY’24: 45%); aim for 65% in next couple of quarters
Any inorganic expansion from deploying huge cash reverses of INR 20 crores would be added bonanza (PS: Company is looking at sizeable inorganic acquisition, though at LOI stage)

Updated peer comparison with EV/EBITDA. Also included lemon Tree

No doubt the overall market share of EV vs ICE will keep shifting towards the former.
India EV penetration to be 15% by 2030: BNP Paribas – The Hindu BusinessLine

In case of 2W, it could be even higher as per different reports. Ola should be given credit for waking up legacy players out of their slumber who were refusing to innovate (Just like Jio did to Airtel and Idea).
The only concern is if it can utilise it’s head-start and vertical integration to create products with superior quality, instead of cutting corners at the wrong places and facing consumer wrath later on.

First of all HDFC ltd actual market value was much higher than what it was getting due to holding company discount so 2.7 lakhs could be a depressed market value. Second since merger, bank has increased the book value by 20%. So it beats me as to why the current price of the bank should be the same as pre-merger.

Also you ignore the fact that premerger 1650 price was at 3.5 times book while current price is at 2.7 times book. At the same book value the price should be 2100. So currently market has already discounted all the bad that it sees in the merger.

I agree with the views you presented. But see, the products they’re into are very basic. So there segments are highly competitive.
Even if the sales returned to normal, it’ll still be a govt dependent company. I believe this company should not get more than 8-10 PE in fair scenario.