BAL has further to fall, page-45

Got a formula for your P/E calculation where cash is involved?

The only thing I can think of is you are treating retained earnings as cash and there by trying to remove it from the standard formula whereas it actually isn't in the P/e calculation in the first place as the calculation is an annual not a perennial so to speak. So comparing the industry peers affords little insight but perhaps comparing against both previous and forecast financial periods for itself might be more useful.