Jindal Polyfilms - Buy?

Jindal Polyfilms is part of B.C Jindal group and is one of the largest manufacturer of BOPET and BOPP films in India. These films are used as packaging on different products.

The key numbers are as follows
CMP=Rs 380
Market Cap - 875 cr
Sales ~1580 cr.(>1000 cr from past few years)
P/E = 10 (Avg EPS of last 3 years)
P/B<1
The company is buying back shares for some time now at Rs 400 and Rs 450 now. So the intrinsic worth of the company seems to be somewhere between 450-600.

Interestingly the company is taking loans to buyback the shares. It still has room to take on more debt to completely buy back the non promoter holding of 33%. So is it a delisting candidate? possible.

But these are some of my concerns

• Market overall seems to be overvalued. Is it a good time to buy a secondary company like this?
• The market price is quite stagnant from few years now. Only recently crossed the 2005 IPO price of 350.
• How will appreciation of Rs against Euro impact its business

Overall company looks undervalued with little downside but good upside.

Why am I blogging on Value Investing?

I am not a big investor and don't have the skills of some of the value investors already posting their ideas on many of the blogs (Actually I am in IT). But I have lot of interest in learning value investing and am investing in stock market from last 5-6 years with decent success. The process of learning gives me more pleasure than actually making money.

The idea of this blog is not to teach anybody value investing (I don't think I have the qualifications to do it. There are many other books/resources to do that) but to log my experiences of learning value investing and applying them to the actual situations in the Indian markets. This I think will help me in streamlining (also to know what I was thinking at a particular point in time) my thought process and also may help some other aveage investors improve their value investing skills along with me.