Stock price speak truth , management may lie. we read in this thread that promoter of Balaji amines were claiming that they are only one producer of EDA PIP and DETA chemicals but these are the main products of Diamine chemicals limited .so company with dishonest promoters won’t get higher multiples of PE . because there is no single cockroach in the kitchen. it means there may be cooked books of account also. so investors are not ready to assign higher PE multiple.
Do you remember that in housing finance stocks the DHFL was always trading with low PE as compared to peers.
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