Looking back, the company reached its peak valuation and margin in 2018-2019. Presently, it faces its lowest margin, with raw material costs rising from 50-55% in 2019 to 62% now . A softening in raw material prices might boost the margin to 12-15%, especially given the substantial increase in revenue, indicating customer retention. The current valuation appears cheap, might remain like this unless execution improves on margin front.
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