Like you said,there are no free cash flows.Difficult to put money in such stocks .
The company holds Birla corp, universal cable and mutual fund investments which is worth 2300 cr. At 70% discount, its value is 690 cr.
If we value EPC business at 12 P/E at an EPS of 83 (FY2018), it worth another 1000 cr.
Hence 690+1000 = 1690 cr. But market cap of VTL is 1180 cr.