It has jointly bid for defense projects with Bharat Electronics. Potential for 2x or 3x upside while downside is relatively capped. It is trading ~5 times consolidated EPS. How low can it go? At most 15% downside unless Indian Stock markets collapse.
We need to strongly decouple from the Index level falls, as we have seen major commodity names in NIfty have crashed big time. Doesn't mean a focused stock specific portfolio will face the same trajectory.