Beauty lies in the eye of the beholder.! Stock was trading at 100x PE 6 months ago, still trading at 45x PE. So you may call it expensive (or not), depends on your own analysis.
If we look at the quality of the business and the moat around it (which is what matters in long term I believe), the model looks very difficult to beat.
One of a kind platform with multiple solutions to a region’s energy issues (IEX is providing services to almost all of South Asia now), low transaction cost for customers (2 paise cost on 5 rupee cost/unit, how much discount can the competition really offer) and innovative, prudent & honest management (went for IGX when no one was even talking about it, launching new products, bonus share issue etc).
So the company looks very enticing, valuations is something everyone has to decide individually.
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