Kajaria Ceramics Valuation: Regaining Lost Ground?

I was recently touring the beautiful hill station of Munnar in Kerala. To my surprise, the way to Munnar and back was covered with several hoardings of Kajaria Ceramics, the market leader in the Tiles segment. I had been following it earlier on and off, and with the recent slide in its share price, I thought I should whip out my Valuation model to see if the correction was justified.