What do you mean by 40-50% CAGR in growth, the relevant number for growth here is AUM in tons of gold since other businesses are marginal (Housing/CV) or face their own challenges (MFI).
AUM in tons of gold has grown by 20% this year but the 3 year CAGR as well as management guidance going forward is 10%. So I dont know where is your number of growth driver coming from.
And please be aware of the fact that RBI at any point of time can since there is an onward lending cap of 10% for MFI (small ticket, poor people without collateral) then why should gold loan companies be allowed to get spreads of 15% (small ticket, poor people with collateral). And as someone mentioned that gold loan companies is just 1% of banking assets, RBI wont have any problem if this busines model gets completely disrupted. So there is a question on both growth as well as profitability going forward which has an effect on valuations. I am not saying that this is a cheap or expensive valuation but please dont extrapolate just one year performance and think this is going to continue for ever.