Umm not really , if you’re getting a high multiple for the company dilution through equity makes more sense, debt is risking the balance sheet of the company. Also the multiple has no bearing on the valuations. Thats a very rookie way at looking at it, its doing an EBITA of 65 cr , very high chances it will grow 40% cagr for the next 5 years. Money is made looking forward not in the rear view mirror , iv been invested since it was a 70odd cr market cap company 
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