With 110Cr capex planned for next 2 years seems there will be no FCF for next 3 years.
Current auto sales of 42K units generating profit of 42Cr.
For generating 85Cr of profit company will have to sell around 84K units which will be possible only when ahmedabad plant is fully operational which seems may take around 3-4 years and given that industry dynamics remain good.
Assuming company doubles it sales to 84K in 5 years CAGR comes around 14.5%.
The current valuation of 22PE seems somewhat on higher side.
Disc : Holding
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