akshay let me disclose first ,i hold orient bell but it is less than 5% of my portfolio. so let me clarify i am bullish b’cos of cheapness and some other factors mentioned above but we have to be realistic when we evaluate stocks we hold.
1) 50 cr. profit i dont know how did u get that figure . it is at best OP and u must deduct interest and taxes. ( u may count dep. and PAT for interest repayment)
2) real estate slow down is valid concern as u pointed out.
3) 20% sales growth was due to acquisition of bell ceramic and they diluted equity for same and had taken debt and still paying large part of EBIT towards interest charges for same.(with hindsight we can say that if they did not acquire bell and had JV/outsourcing as kajaria did they would be in much better shape 
)
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