If one assumes HFC ( low cost) to be valued on PE basis rather than PB, this looks even more undervalued.
With FY 16 expected to be bumper year due to above known discussed reasons, I estimate FY 16 EPS to be around 45 Rs, So for a steady business growing @ min 30 %, we can assign 30 PE, so it comes as around 1400, if one discounts FY 17 EPS as some analyst do in brokerage reports 
, fy 17 eps estimates is coming closer to 60, so it can be seen closer to 1800. I am aware this are lofty estimation, but its possible, we don’t know what Mr. M decides, as it did with Gruh/Repco. They are valued on PE basis not p/b.
On p/b it looks fairly valued now, but can still grow@ 30/35 %, which is rare these days for any financials with NIL NPA.
@ayushmit, Catmaran fund has further raised its stake during last Quarter from 3.1 % to 3.6 %
Disc : invested and views are biased
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