Correct. It is undervalued and as a company it should not be trading at much lower due to the inherent nature of the business.
However, the risk is that their margins will reduce for the short to medium term due to inflationary issues and they will burn cash on new products without guarantee they will gain market share(and this will affect margins too) and that they could lose market share with their singular product dependancy also.
Without a dividend policy the dividend may drop too(circa 2020). I personally am targetting around rs. 120 since i would then be pretty content with the opportunity cost of investing here at that price since I’d be ok with a lower dividend + I’d get a higher change of a return of atleast 25 percent of things go wrong. It is undervalued and could be a good option at current levels too. This is just based on the valuation i am comfortable with and will let me stomach what could be a tough few quarters/years.
Disc: Tracking only. Not invested yet.