To give a context on valuations, the closest peer of GPIL is Sarda energy.
Sarda energy EV = 4100 Crores (it has debt of 1700 cr)
GPIL EV = 4100 crores
Sarda energy last quarter EBITDA = 272 cr
GPIL last quarter EBITDA = 573 crores
(can compare previous quarters too, GPIL is more than 2-3x of sarda EBITDA)
(Sarda hydropower plant will add additional 175 cr EBITDA/year, and GPIL solar power plant will also add 170 crore additional EBITDA)
Moreover, Sarda energy mine is smaller, it has to buy 50% of iron ore from outside. So, some of the gains in EBITDA would be due to cheaper raw material inventory gains.
Sarda and GPIL are neighbors. Their mines are located adjacent to each other.