The Indian market's valuation has corrected from a PE of 24-25 to 20-21 times earnings. The market is currently hitting an all-time closing high as valuations have corrected and party typically starts after a PE of 22-23, making the equity party not overheated in any significant way. Although Patanjali Foods promotes a homegrown FMCG brand with extensive distribution, it still needs to prove its worth in the market. However, its relatively positive corporate governance front makes it more attractive.