First of all thank you Sahil for the elaborate thesis on Aditya Vision. Based only on your writeup I guess stock price appreciation depends majorly on the addition of store count as the stock is already trading at 20 P/B which is similar to Dmart. Competition is already high in this space. Reliance Digital, Croma, Vijay sales and local players in every state and we need to see whether they will be able to expand store count and maintain the margins.
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