Sales growth can be at 25% CAGR instead of 15% as has been in last 3 to 5 years and median PE has been at 85 in last 5 years. So these factors should be your neutral workings and Bull workings will be much above that. Also you are ignoring some new verticals in apparels and current exclusive 10 lakhs ticket size shops might pick up, which can go beyond these calculations.
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