What one-time 34% growth are you talking about? Debt to Equity is still around 0.50 while Apl Apollo and Jai Balaji have a Debt to equity of around 0.30. Byways APL Apollo isn’t a fair comparison as it is in a league of its own manufacturing premium products mostly meant for end consumers, not businesses.
Jindal saw currently trades at a PE of 10 while Jai Balaji or JTL trade at 2x 3x of that. This huge gap isn’t sustainable either they come down or this goes up. I think a PE of around 15 is fair for a company like Jindal saw. Why not the same as the other two? Because it lacks the spiciness that the market likes, it’s just a healthy old school business.