Not here to comment on valuations but this was funny I think. From the Annual report.

The year 2015-16 was turbulent in terms of a raging debate on the pollution aspect, mainly in the National Capital Region, leading to summary actions by judicial and quasi-judicial bodies to ban diesel vehicles with engine capacity above 2-litre displacements - even when the engines met with all the regulations of emission standards mandated by the Government, and certified by the authorised agencies. These actions created a substantial jolt to the sale of diesel vehicles above 2-litre engine capacity in Delhi. A fall out and collateral effect of this was seen in the abortive attempt by the Kerala Government to follow suit. This aspect has great ramifications for the future of the automobile industry. While undoubtedly alternate energy propulsions systems such as electric propulsion or alternate fuels such as CNG, hydrogen, etc. are likely to gain substantial traction going forward, there is actually neither justification on emission basis for dis-regarding diesel propulsion, nor are such actions justifiable. It is imperative that the Administrative Wing of the Government should formulate policies relating to emission, fuel efficiency etc. and ensure availability of appropriate quality of fuel for the automobile industry to perform on a steady and sustained basis. And if the industry and the products are in compliance with the Laws and Regulations - summary actions are not justifiable. Your Company manufactures light commercial vehicles which are used for mass transport. Summary actions against diesel engines with displacement more than 2000 cc is wholly unjustifiable in regard to such vehicles. Even if, however tenuous, a case can be made out of banning large diesel engines for sports utility vehicles (SUV) or personal vehicles (cars). All over the world, without exception, diesel engines are the preferred and fully accepted mode of propulsion for vans, minibuses and multi-utility vehicles. It is essential, from the point of view of the development and stability of the automobile industry, that this issue of emission standards, preferred fuels, uniform availability of appropriate quality of fuel, vehicle registrability, etc. is clarified by the concerned authorities, so as to provide a clear 10-year guideline for the industry. While the Government of India is seized of this issue, various agencies such as judicial and quasi-judicial bodies involved, have not yet come to a synergic solution. The market for minibuses in various segments, such as school buses, tour and travel, intra-city transportation, mass transportation of corporate employees, particularly in the IT sector, etc is evolving steadily. The high speed of urbanisation, geographic spread of cities, greater emphasis on busing children to schools, and enhanced expectations of motorised travel in rural areas -augers well for the growth of the minibus category of vehicles. The Government policies in this regard are increasingly supportive of the development of infrastructure - for facilitating dignified, safe, affordable transport in both urban and rural areas. The construction- of highways, improved rural roads network, and inner-city roads - is contributing to the health of this segment.