Don't think we ever laid any great stress on re-rating (a much-abused word in my opinion).
We are concerned about satisfying ourselves that the business will continue to grow at 20-25% CAGR for next 2-3 years - that they have a durable competitive edge in their niche - that they have low debt and can fund their growth from a mix of internal accruals and leverage - that foreseen risks are low - that the ODDS of business out-performance are HIGH. Added to above, there must be good Margin of Safety at the time of recommendation.
That's all that we really take calculated bets on. I don't think we ever invested knowing/thinking where an Ajanta will re-rate to or a Mayur and Astral will. We just are happy riding businesses that have the execution skills and some competitive advantage to keep growing at 25% CAGR.
If the business continues to grow at 20-25% CAGR for next 2-3 years, we have seen everything else gets taken care of :-). If the businesses fail to grow at 20-25% CAGR, our basic investment thesis is not met, execution on the ground is poor - returns maybe mediocre.
What has worked in our favour so far - we have been lucky - that our selected businesses have continued to execute solidly. That day will also come when we will go wrong - despite our rigorous analysis framework and all the process diligence.