Regarding digging deeper into the company and analysing the company to its bare bones, sometimes this is counter productive.
We have to be very clear about what to ignore and what not to ignore. As long as company shows good growth along expected lines I tend to ignore factors such as promoter compensation, related party transactions (if these are not too material) and such other details.
Coming to examples the big winners came out of extreme undervaluation and subsequent rerating.
Canfin was showing 30-40% growth and available at 0.7 times book value. Since it was govt owned entity market treated it as a psu and was accorded poor valuations.
Ajanta used to trade at 5-7 PE inspite of 30-40% cagr growth. Here market did not fancy pharma stocks and since ajanta was not having a strong US presence, it was valued cheaply. Rest is history.
Similar things happened to mayur, kaveri etc. Even on valuepickr you can go through relevant threads and go back in time to see what arguments and counter arguments were put up at that time.