At the asking price band of Rs.147 to Rs.155, the PE ratio, taking EPS of FY15 as base, translates into 21X at floor price and 22.15X at cap price, which seems reasonable as per the industry’s average PE of 31.19X. NAV of Rs.235.92 per share which is highest amongst its peer group companies, the Price to Book Value comes to 0.38 which looks highly undervalued.