A lot of the run-up has also happened post the IT raids on Polycab. A quarter ago, when KEI underperformed Polycab, it dropped a lot (~2800 to 2300?). We have the Polycab results in 2 weeks along with more clarity I expect on the IT raids – would like to see how KEI reacts then. As of now for a pure C&W business with lower growth expected vs peers and no FMEG optionalities, valuations seem extremely high.
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