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Anand Rathi Report
Anand Rathi has trimmed its FY26E earnings per share estimate by 8%, factoring in higher depreciation, interest costs, tax outgo and lower other income. However, the brokerage has raised its FY27–28E EPS estimates by 12–16%, supported by expectations of stronger revenue traction and lower interest expenses.
Backed by improving demand prospects, the brokerage has applied a higher valuation multiple of 16x—in line with the stock's 10‑year mean—and retained its Buy rating with a revised target price of Rs 600, valuing the stock at 16x FY28E EPS.
Key Risks:
- Muted growth in underlying segments;
- delay in order execution;
- higher raw material prices; and
- adverse forex movement.
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