GHCL is not getting the valuation it deserves. It has been showing very good numbers recently and the management has taken very good steps to increase shareholder confidence. I think the reason for low valuation could be because the company has a tainted past and the ADD overhang. Additional capacity in soda ash will add 85000 MT to the volumes next year and the textiles division is expected to grow at 15-20% as per the management in FY 18. Even assuming 28% EBITDA margins in soda ash (in case ADD is removed) and 16% in textiles for FY 18 this stock is available at a good margin of safety.