Ester Industries - Value or trap?

I was going through stocks that recently saw exponential growth in EPS.

Ester came up in the screener with a EPS jump of 166% in Q3 FY20 and 280% in Q2 FY20. This is not due to the tax cut as the tax rate is still high. Operating Margin has gone up which is a good sign but Sales saw a negative growth in the Q3.

A closer look reveals that the EPS has been making higher bases every 4 - 5 quarters!

How do the charts look? Stock recently made a 52w High at 43.75. CMP - 41. Forming a good base at 35.

Before further research, I wanted to know if it is undervalued using a back of the envelope calculation. It is undervalued despite using very conservative assumptions.
Growth of 8%, Discount Rate = 15% and Margin of Safety - 30%.

Fair Value = 50, available at a discount of 20%?

Has anyone studied this company?