If one were to guess a discount threshold, we will have to look at similar holding companies in terms of capital allocation (non-core operating activities, how the company is investing it’s dividend yields etc). Bajaj Holdings is one which comes close and the market gives it a discount of 56%. If one was bullish about Kama Holdings to converge to that same discount levels, the marketcap should be inching towards 18k-20k.
Here is a slightly older report that tries to estimate Kama’s discount convergence in bull, bear scenario.
