Thanks, Harish!
I think that I am done looking into it. The farmers get a subsidy of 50 to 70% to buy this product. They are not in a position to buy it on their own. So, the total sales in this industry would depend on the amount of government subsidy, which is fixed in advance (five-year plans, etc). An extraordinary growth in market revenues is unlikely and it could be in the range of ~15% y-o-y.
Moreover, there are hardly any entry barriers for manufacturers. So, competition would ensure that the manufacturers would operate at low profitability. I doubt that taking market share from competitors would be profitable in this industry.
The market could give the big established brand names good valuation considering that this business has fewer uncertainties. However, I am doubtful that we can assume the same for the leveraged small companies. R M Drips is already trading at ~ 1 times Price to FY 18 sales. I think that I will let it pass and now onwards clutter this board less with my posts.