My sense is the company can do 185-190cr PAT in FY26, purely based on management’s guidance of 2000cr revenue and 14-15% EBITDA margin. Based on that, it is 14-15x FY26 P/E. Which for a well growing FMCG company with a solid brand and a structural improvement story (led by Project Lakshya) looks inexpensive. Even RoCE will improve due to improved WC cycle. But the question remains whether to trust the management on guidance because they haven’t had a great track record of delivering on guidance
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