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.