Actually its a 2.63 annual multiplier for last 4 years. I am also amazed to see. Some contributors Tata Motors 10X, AGI green 5X, SHIL 5X, Apollo Tyre 4X, Kalyan running 6X with large Capital still holding 25% of PF, Force Motors 8X. Rotating capital was the key with new buy with large base. Also leverage played an important role here. 50% of PF average all the time.
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