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Motilal Oswal Report
Vedant Fashions Ltd. Ebitda growth continued to remain muted at 4% YoY (in line) due to soft revenue growth of 6% YoY and operating deleverage. Footprint additions, however, were robust at 16% YoY, and we expect the same to continue.
We broadly maintain our estimates given the weak outlook and factor in 18%/22% revenue/profit after tax compound annual growth rate over FY24-26E, mainly led by footprint expansion.
The stock has corrected 35% from its 52-week high and is trading at 38 times FY26E price to earning. Demand revival in 2HFY25 would remain a key monitorable for any re-rating.
Reiterate Neutral with a target price of Rs 1,010, valuing the stock at 40 times FY26E price to earning.
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