Thank You. No, I haven’t done industry level analysis. Also, its a very fragmented industry. Only other listed company in similar business I know of is J Kumar (from Maharashtra). Their avg. EV / EBIDTA is 4.5.
EPC business works on order books. So long as business has orders, they will make money (subject to margins) irrespective of the competition (they compete to secure order, after that there is no competition). Its basically discounting future cash flows based on orders they have in hand + likely orders they can win.
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