Yes its at a 75p/e and I am contemplating selling out as well
But here are a few thoughts on why I am in a dilemma on this
1.The capital intensity of this business is very low so we get back a lot of the cash flows in the form of dividends and buybacks so its not an apple to apple comparison with other business on p/e alone
2.If their guidance of 30% is met for next three years the stock is at a 35 p/e then and added bonus of people moving to paid subscription could play out for a long time to come so could still be a good hold even then
3.The management is usually conservative on the guidance and they seem to be doing better than what they promise so hoping they keep doing so. They seem to be rewarding shareholders with buybacks and dividends so hopefully they keep that going too. EPS has basically tripled in 4 years due to earnings along with buybacks excluding the dividends
4.Their profits are bit understated because of the write off policy so 75 p/e is a bit overstated here. Rougly TTM PAT is 150cr and content cost out of that is like 65cr, so we might have to adjust for this. Also besides the content cost rest is payed out to shareholders in terms of dividends and buybacks
Would love to hear thoughts on this dilemma 
Since my issue with the company is only the valuation, I am hanging on but dont know what I would do if this rally keeps going
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