Paying high P/E for commodity type business could be very dangerous near peak earnings. While I believe earnings might grow in current year, the same is not certain in the next year and the year after that, 5G or otherwise, due to increase in capacities coming online next year (listen to concalls from the past).
A good example of P/E deflation in commodity type business is Avanti Feeds which has posted 56% profit growth CAGR in the last 3 years, doubled its profits last FY and is yet trading at 13 P/E (Was trading near 40 P/E in Oct last year). So earnings continued to improve but market started getting cautious well ahead of the peak.
Current 32 P/E is not cheap for this kind of business (For Str Tech) and is factoring in phenomenal growth in current year already. Talking of 1 lakh Cr market cap for this type of business based on current trends (7x market cap) is a little premature am afraid.
Disc: This was a long-term holding last 2 years. Exited few months back, based on the above rationale.