Great work @ayushmit, @rohitbalakrish_, @aveekmitra and of course @Donald for making this all available to the forum.
One aspect which might add to the margin of safety for fresh buys at current levels is the possible exit route through a takeover of MPS itself!
Assuming that MPS reaches the 500 Cr sales over next 3 years (through both organic growth and acquisitions) at that time it might become a lucrative enough takeover candidate for biggies looking to enter the segment for sticky revenues (remember the entry barriers!)
And given both the larger peers SPI Global and Aptara got acquired (Links here and here) this might provide a possible exit route. With Nishith having nurtured and sold businesses at attractive valuation earlier this option might indeed play out.
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