Regarding Hawkins: Per my calculation, avg dividend payout is 54% (SD 7%) for last five years. I believe looking at last five years only is very optimistic. Based on last ten years, the avg dividend payout is 44% (SD 35%). Extremely high variability. Historically, on basis of average, PE has been in high single digits to low double digits. Average has been PE 7.02 (SD 6.7). Even with EPS66/PE15, I tend to think it would be on higher side for buy valuation based on its historical PE. I do not expect dividend as high as Rs 40. If am correct, last years Rs 20 was due to some landmark in company’s history (can’t recall what?). I think Rs 10 was regular dividend and addition Rs 10 for the celebration event. So four fold increase in a regular year? Not entirely unexpected, but less likely. So I would not use that high dividends (to be conservative).

But one thing that I do not understand: your objectives have been kind of buy in and sell out. I am not sure why you focus on including dividends in your upside?. Assuming you hold when dividends are paid, it is most likely to take care of tax/transaction fees.

Regarding HYD Industries….
I will need to go back to recall my observations. It is not of my list, so I do not read anything about it. Will get back to you.

Best Wishes,