Well I would not keep KPI as a utility compant only as it has an EPC part and a IPP which is kind of utility. Now this green premium is here to stay at least for the next few years. The EPC business should boost the intrinsic valuation at least. Now the P/E has come down to 41x and there is a lot of growth lined up. Companies that have such an order book should have great PEG ratios. But even if P/E has to correct, the growth that I believe should continue can help. In other words, even if PAT goes 10x in 7 years and valuations fall to 20P/E, it would still be a 5x from current levels.
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