I think RPG Life fits well in classic "cigar-butt investing" of Ben Graham. Here is a company with market cap of Rs 300 Crore having land value of Rs. 200 Crores and annual sales of 300 Crores. New CEO bringing in focus on asset utilization and better profitability with possibility of upside due to US FDA approval makes it really "heads I win. tails I don't so much" type of deal.
Having said that, their past gives very less confidence as they were mediocre company for most of its existence with lack of focus and forming small part of large group with focus on tyres, power transmission and software. Since this is relatively small standalone business in large group of companies, turning around this company and selling out to other pharma biggie could be option explored by the group.
Disc : I am invested in this company from lower levels so my views could be biased
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