At 10.7x FY22E EPS, although valuations don't appear very cheap, but given that the company has sufficient capacities to generate revenues of Rs 56bn and has a strong execution record, pre qualifications most all leading institutional clients, pan India distribution network, sufficient cash reserves to fund greenfield capex incase demand picks up sooner, stable debt levels at Rs 3bn levels and fairly stable margins(~10%), we feel the company is well poised to capture growth when the...