Hi Abhishek,
FCL has been one of my high conviction bets over the past 7-8 months.The stock correctly sharply after their Q3 numbers & I added again at those levels.The management had assured that things will start looking up from next quarter,and low & behold,that HAS happened.The derivative contracts had hit their profitability over the past few years,now that they have matured,re-rating is very much possible.Couple that with a foray into switchgears/CFL lamps,etc. kind of higher margin biz. & the laying up of a National Fiber Optic Cable Network,the revenue visibility too,will start improving.I just couldn’t comprehend the stock at sub 6 multiples,a few months back.Even as they sat on around 79cr. of cash! MF interest has been high in the past 2-3 months.
Looks like a good 2-3 year story.Since expectations on earnings are low, the upside can be swifter.The P/E is still just about 11+.Better still,an earnings surprise can lead to re-rating to 15X kind of levels.Havells trades at a good 24-25X forward earnings.FCL is at less than half of that.I think we have reason to be excited. 
Disc.: Invested.Sitting tight.