The Anup Engineering Ltd - Can it scale up?

Stock Opportunities Untested - but worth a good look
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I was studying the company. Here I have some questions.
How is the valuation as of now?

  1. The numbers are more or less same on ebitda, pbt level since 2019. FY23 Revenue will jump to 400 cr due to Odhav clean room coming in and orders on hand. But EBITDA PBT will be same due to margin contraction. But valuation wise (PE, EV/EBITDA, mcap/sales) the co is at twice the level of 2019. Don’t you think the revenue of 500 cr for FY24 is fully priced in? Lets exclude kheda capex as of now because it has been delayed for long time, so let’s keep it as an optionality.

  2. Why should be the base (like what is in future) for someone pay the high valuation? What is the future revenue potential (let’s ignore mgmt guidance bcz I have doubt on their promises)

  3. Is the main trigger for future growth is the Kheda capex because now it seems like to be completed by H2FY23?

Disclosure: Studying

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