Excellent point in general.
If an investor is investing in any stock from 3-4 years perspective only, then very narrow valuation band should be considered.
For 10-12 years of holding period, some flexibility can be considered.
This is a general perspective, and nothing about Polycab.
Disclosure : Never invested in Polycab since it was listed recently and I was not able to arrive at any proper valuation at the time when it was available at low P/E few years back.
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