Go Fashion Gets ICICI Securities 'Buy' Upgrade, Sees Upto 40% Potential Upside

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ICICI Securities Report

We upgrade Go Fashion India Ltd. to Buy (from Add) with a target price of Rs 1,200 (potential ~40% upside). Gautam exuded confidence about improving macros, store expansion plans for FY26 (after a soft FY25), plans (experiments) for portfolio diversification (women's top wear, men's products), channels (attempting multi brand outlet, franchising strategies) and international expansion (opened Dubai store recently). We agree.

Go Fashion, at this stage of evolution, has multiple growth drivers. At 28x FY27 EPS, we believe stock has strong rerating potential.

We reckon (promoters' share) pledge may potentially be reduced in FY26. Key risk, as always, is execution.

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