It’s good to see management has been trying to create a moat in distribution. And if one looks at the guidance given for FY26 (2000cr revenue and 14-15% margin), the stock looks inexpensive. But I noticed that the management has had a track record of under-delivering on guidance and sometimes they’ve even under-delivered on quarterly guidance sitting 2 months into the quarter. Do you think this is due to management being too aggressive in giving guidance or is it just that under the traditional distribution set-up, management didn’t have any visibility at all regarding the demand, pricing etc. which would change with Project Lakshya?
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