First of all business must have a moat to generate ROE, you need to understand the retail business first before concluding longterm ROE, Naayka is a new kid on the block, will face huge challenges going forward, risk reward ratio is still very low, it has to reach a market cap of 6000-8000 cr where business can be analysed again. EBIDTA generated by ABFRL is 2200 cr, Arvind Fashion is 450 cr, Shoppers stop is 700 cr, Naayka will not achieve this even in next 10 years.
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