Speculating when you think you are investing

I want to put here the case of my own experience. The company in focus is one of the biggest pharmaceutical companies, CIPLA. The company has an envious record of ever increasing profits over the last 15 years.
1992 8.315
1993 10.361
1994 14.617
1995 24.82
1996 28.96
1997 70.75
1998 101.97
1999 114.95
2000 133.06
2001 179.07
2002 235.11
2003 247.74
2004 306.69
2005 409.61
2006 607.64
2007 ?
2008 ?

The company increased its profits by 73 times during the 14 year period 1992-2006 i.e 35.87% compounded annually. For 9 months ended 2007 the profits were 535.09 Cr compared to 409.31 Cr up 30.73% (Trailing Twelve Month-TTM profit of 725.86). If you see the profits than for any three consecutive years, the increase in profits were always more than 70%. I extrapolated the 2006 results to get the result for 2009, 1032 Cr. The stock at the start of 2007 was trading at Rs. 260 with a market cap of around 20K Cr. I bought the stock thinking that history will repeat itself. Did it really? The 2007 Q4 results had profit declining by 34% and full year profit came at just 668 Cr. The pain didn't end there. For 2008 the profits were just 700 Cr.
Now in 2009, the company has given guidance of just 12-15% growth which will result in profits of around 785-805 Cr off by 24% of my "speculated profits" and three consecutive year's growth between 2006-2009 will hardly be 30%. I doubt if the stock price will cross the market cap again before 2010. Even if they grow by 15% more in 2010, the profits will be just 925 Cr and P/E will still be above 20. Loss of 3 years of returns!!!!!!!!!!! The price is hovering around 170-230 range.

Emami

Emami is a midsize FMCG company in india. Company has brands like Navratna, Himani Boroplus, Himani Sona Chandi Chyavanprash etc... The company has earned following EPS for the last 7 years:
2002,2003 2004 2005 2006 2007 2008E
3.0,3.27,3.86,5.23,6.45,10.61,13E
Based on Graham's criteria of 25 times last 7 years earnings, the price comes to about 165 but 20 times last year earnings is at 260. The company has very small debt. It is one of the prominent and should be considered large for the FMCG industry. The recent market meltdown made the stock correct from 360 to 225 and seems cheap. It has grown fastest in terms of percentage net profit growth over the last 10 years (25% profit CAGR). 87% shareholding belongs to promoters. Pays Rs. 2 as dividends (excluding special dividend of Rs. 2 last year).