Kilburn Engineering – Huge undervaluation

I did some digging and found this to be true.
Promoter group had lent funds from Mcleod Russel to other promoter group companies. And those promoter group companies were loss making and had no capacity (or intention) to pay back. Interestingly, another promoter group company Eveready (the famous battery maker) has been struggling due to leverage.
To make it further complex, there’s a family dispute between Aditya Khaitan & Amritanshu Khaitan over certain family properties – Both of them are on board of Kilburn Engg.
To summarise, promoter group created financial troubles via leveraging for operationally wonderful companies and w/o those loans these companies fortune could have been different!
Moving to Kilburn, my observations (on which I would like comments from the fellow members)

1. There’s not much leverage (Net debt of 0.2x as Mar’24);
2. But the Company has been diluting continuously – may be they have learned the lessons and want to stay away from leveraging – But still this will have an impact on the EPS growth
3. The positives (revenue growth) about the company have come in post joining of Ranjit Lala as MD who actually has relevant experience (PS: other promoter group companies too had professional management)
4. Have done a simple projected EPS calculation:
   

Pls share your take on the same.
Source article on Family/Promoter group:

Disc: Invested at current levels