The main issue is elsewhere. Post the Merger, the merged entity became the base case. The erstwhile HDFC could do lot of transactions (especially to Real Estate Developers) as an NBFC. Those deals are not possible in a Scheduled Commercial Bank. Hence the base needs to be treated as lower as once those loans fall off, they cannot be replenished. Now if you apply the ratios on that revised lower base, things will look different and ratios will make sense. Highlighting this subjective aspect. Someone who has the data can do the number crunching.

Disclosure : Was my highest holding for more than 15 years but completely exited before the Merger on these grounds.

I am unable to do valuation for the company and determine its value, for EPC business they can do 10% OPM and O&M has around 23% OPM, they have a Rs 3106 cr order book, so for an EPC business what is a fair multiple and are the incoming of reliance orders already priced in, I know the future is good for SW Solar but I am unable to quantify it to figure out the upside for this stock.

PPFAS entry might suggest, kotak mahindra bank entered into GARP (Growth at Reasonable price) zone on valuation front, may not gurantee the outperformance, However the whole sector is still undervalued as per my latest readings.

A simple yet insightful observation shared by Mr. Anil Goel in a recent interview (CFA Society) is that for sugar companies involved in ethanol production, both raw materials and fuel come at no extra cost (molasses), unlike in the case of pure-play ethanol production who are subject to market forces on both raw materials (grains) as well as fuel cost. Given ethanol cost is fixed for a period, this seemingly straightforward yet crucial point underscores the distinct economic advantage enjoyed by sugar companies in this context.