I have followed SRF, and feel it is a great company… particularly after Ashish Bharat Ram has taken charge. I have heard him a few times, and feel good about him.
IGL has a monopoly, but you can have a regulatory roadblock anytime. Essential items cannot be free from long, and without monopoly it may be fully priced. Balmer Lawrie appears to be value pick, but it has a very slow growth rate, particularly in sales turnover.