Agree with your observation. A good set of numbers and price correction has made the PE correction aggressive.
In my opinion, all export oriented companies will continue derating till clarity on Red Sea operations is seen. BKT is primarily an export oriented company. Freight and Insurance costs will be a drag till they do not pass on the cost to customers.
Most of this impact will be felt in Q4’FY24 as the issue was raised E/Nov’23. So most of Q3 was reasonably stable. My plan is to wait and watch for Q4 results and then decide the way forward. Avoiding catching a falling knife. 
Disc: Please do your due diligence. Not an investment or sell advice.
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