Agree with most of your points.
BTW who are the people behind Ziyan who sold to Abakkus a big chunk of their holding in Rupa nearly 8% which they had been holding for years. Indirect promoter related entity or what?
How critical has been the role played by the New CEO Mr Dinesh Lodha a CA ex GE & Samsung who came 3 years back & seemed to have been a catalyst behind the improved performance of Rupa & co?
Also award of coveted Padmashri specially in today govt to group Chairman PR Agarwala seems a positive sign on ethics front & gives comfort on promoter quality.
This along with presence in good sector with good opp size low valns good ROCE ,brand, distribution reach , non cyclical nature of products augurs well for investment IMHO