India, Sept. 22 -- Being added to a Nifty index is usually treated as a badge of honour, a signal that passive money starts flowing in once the rebalancing kicks in. But when a stock earns that badge while trading at more than double its closest listed peer's earnings multiple, the conversation shifts fast from "which index" to "is this price even sane." That's roughly where this story sits right now.

Hitachi Energy India's stock was trading around Rs31,830, down close to 0.09% in the day, which puts the company's market capitalisation at roughly Rs1,41,873 crore. At that price, the stock's trailing P/E works out to somewhere around 124 times earnings, recent readings have ranged from about 122x to 147x over the last couple of months, b...