How I perceive this valuation:
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The company is net debt free and pays dividend regularly. This provides mental stability for investors.
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The industry is still dominated by unorganized players, so the shift to organized is a given and the growth can be seen for a long time duration ( > 10 years).
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The more the market dominance, the better would be their margins going forward. As per recent concall, the competition is slowly cooling down and reverting back to mean. One can scuttlebutt on this more.
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They are trying to expand their suburban business and make more efficient. Once it stabilizes, it will give a boost.
No reco, invested.
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