Still it looks to be cheap to me

In the last bull run it crossed 240+ with lower EPS.

The textiles sector has not participated in this run as yes when they do this counter should move up. Also recently it has got crores order from defence,it is just a start for some new orders. :) (My hope)

I also read 2 months back that company is also planning for an FPO which might trigger some upmove .. let us see what happens.

  The company has a JV called Armet Armored Vehicles which is into the production of "technical textiles", bullet proofing vehicles etc.  

    This segment has a much higher margin than ordinary textiles and it is also relatively insulated from competition. However, the company is selling at a lower P/E than other companies which are into plain vanilla textiles.

   So, I feel there is ample room for PE expansion (which is currently just over 3 ....... up from about 0.6 in January last year)

   The management sounded very optimistic about the future in the annual report and they are putting their money where their mouth is...... promoter stake has recently been hiked by a few percent.

   There is ofcourse a risk that the company will issue a significant number of shares to fund its expansion plans .... or worse.... go bankrupt if its plans don't pan out as expected..
 
   It is a high risk/high reward sort of stock.

Shri Lakshmi Cotsyn net profit rises 32.49% in the December 2009 quarter