Vardha,
Couple of more thoughts, what mater for valuation in my opinion is free cash flow ( Operating cashflow less capex) and not only OCF. While calculation of OCF would be low, may be free cashflow would be higher given limited capex. I have not calculated same and stand to be corrected based on facts.
Secondly, please compare Opto circuit and suzlon debt equity ratios. Please note that the company has lower but positive operating cash flow which I believe was not the cash with Sulzon or Opto.
Anyway, your observation about OCF to Market capitalisation is valid. But finally, one need to take its own call about investment based on comfort. Thanks for providing valid issue for discussion.
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