Again small divergence with you on the history. From FY9 to FY11 their Net block was in the 260 to 270 crore range
Then in FY12 there was a jump to 338 crores and from FY12 to FY15 Net block remained in the 340 to 370 crore range (also with stagnant profits but one may surmise that SCM was shrinking and Life sciences was growing). Then again EA came and FY16 onwards Net block jumped to 542 crores
I think the company is in a habit of making these bulky acquisitions once every 3-4 years. They may be held liable for not taking write offs for poor performing businesses and this in turn restricts the upside or even diminishes the ROE - but doesn't really affect the quality of cash flows.
So the key monitorable will be how good the past acquisitions have been. I am no expert in this field but I would rely on the most basic metric which according to me will tell us about this efficacy - Cash flow from operations. One can also use cash from operations less depreciation and amortisation assuming that maintenance capex is equal to depreciation.
From FY9 to FY11 cash from operations was somewhere in the 50 crore range. Then after the company spent money on acquisition - about 190 crores or so - the cash flow jumped to 100 crore range (from FY12 to FY15).
FY16 cash from operations has been 148 crores. But the company spent about 145 on EA plus some other acquisitions. FY17 cash flow has been poor if you take into account the QIP they did. Until now EA has not performed upto expectations.
However one silver lining here is that the management indicated that EA has generated revenues of 50 crores in Q4 with 15-16% margins (if I remember correctly). This to me is a positive and I think how the company manages its revenues and WC in FY18 will be key.
PS - all numerical data is from Screener