Stove Kraft's Growth Engines Well-Oiled With Backward Integration, Says Nirmal Bang Maintaining 'Buy'

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Nirmal Bang Report

We maintain a Buy with a target price of Rs 767, which implies 30x FY27E EPS; it is a ~40% discount to the company’s five-year historical one-year forward P/E.

Given the margin levers, product-mix improvement, and visible execution, we believe a re-rating can occur quickly as these fundamentals play out— making the current risk-reward compelling despite the recent run-up.

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