Another key issue to analyse with such companies is operating & financial performance of its associate companies.
My feeling is this company should have a number of subsidiaries/ associates/ partnerships belonging to the promoter group with whom this will have related party transactions, including some of them overseas. Problem is financials of all of them will not be consolidated in the results you're seeing due to lesser holding % and complex ownership structure.
Let me add i don't mean to discourage you from investing, please take your own call.