Pennar Industries Limited

Chirag - Hyderabad factory land sale of ~Rs.300 Cr. (in medium term - 3/4 years) and corporate tax rate coming down in India to 25% are 2 other factors you have not considered. Aditya Rao has already indicated plans of disposing the land on the con call.
With sale of factory land, Pennar can pay off its long term debt and fund its capex for a year or two.
Medium term with capex moderating, Pennar should be able to distribute Rs.3/4 per annum as Dividend also which should be icing on the cake.

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