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ICICI Securities Report
We highlight, Doms Industries Ltd.'s portfolio approach as one of its key competitive advantages. The consumer requirements keep evolving as students ascend their educational trajectory. Education at the pre-primary and primary levels necessitate the usage of pencils, small notebooks and oil pastels; later, the usage of pens, long note-books and water colours increases as students move up the ladder.
Since, Doms has developed a large product portfolio, the company is able to cater to the evolving needs of its consumers. Also, when we pit Doms' product portfolio against different companies, Doms emerges on top with the largest portfolio, in our view.
With likely increase in populist measures (if any), Doms is likely to benefit as it has a large portfolio of products with MRP less than Rs 10. We believe any additional rural spends may also result in higher market shares for Doms.
Separately, Doms' acquisition strategy is also allowing the company to expand its addressable market. We model Skido (bags) and Clapjoy (toys) acquisitions to emerge as growth drivers in FY26 and beyond. Maintain Buy.
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