At CMP, the TTM EPS of 10.94 is discounted 20.5 times (PE Ratio).
The sales which was at 19000 to 20000 crores (Almost zero growth) from FY2006-07 to 2009-10, is improved a bit in trailing 12 months to Rs. 22000 crores.
Net profit has fallen from Rs. 2860 crores in FY 2007-08 to Rs. 1915 crores.
TTM Net profit is at Rs. 2050 crores.
The stock price will also depend more on aluminium prices.
The stock price raise in last 2 years is in line with the aluminium price raise.
I see this stock more as a commodity play.
The price of the stock will always be linked to price of aluminium rather than net profit and sales.
Talk to a commodity expert before taking a call on this.