This stock has a tendency in the past to remain range bound for long periods, and then it rises sharply. You can check this on screener.in as well.
In FY23, there was good increase in Sales and Profits in first 2-3 quarters but still stock price was stagnant. Now in the last quarter, there have been reduction in PAT. OPM has reduced from earlier 11% to 7% in Q4 FY23, which seems to be the lowest OPM in past few years.
I believe that, with some capacity expansion happening, and inflation being stable, OPM should revert back to Mean in next few quarters.
I consider this as a low growth moderate Dividend Yield stock, and it looks undervalued in this stretched market.
Stock Price often takes it own time to reflect some of these fundamentals.
Disc: Holding.