Vinay,
While it may make sense in valuation, I would still ask to you to check same at operational efficiency and management paramter. In my opinion, a fake note of 10 and 1000 are both valued as waste paper unless we find a greater fool. While the Telengana region is expected to show demand improvement, not sure whether the company has any brand in market. Also, it would be critical to see local demand supply situation. Typical cement capacity are at least in 1 mn to be MES (with recent one are more in range of 2 mn tpa), against which the production of the company is 0.5 mn tpa which may be very close to mini cement.
Not seen valuation in EV/Tonne (Ambuja Etc are traded at around USD 170-200/ tonne EV), so the better way to calculate EV/tonne for the capacity. May also look at Dalmia Bharat and other mid size players to get more understanding.
Your thread was worth reading and points were very well highlighted (as usual, I can say because seen your work/note for almost decade now !)
Discl: I hold shares of Heidelberg Cement and my view may be biased.
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