Your tax is on your gains, ie losing some gains as tax – so why do you worry?

To reduce the churn, I am not exiting all scrips that are out of my top 20. I am giving them some leeway. For example, this week instead of 6 exits, I am doing two only.

% gain over what period?

Generally FMCG cos are valued highly becuase of the consistency in growth and lower cyclicality in margins. But when it comes to innerwear cos (exccpt for page) both the growth and earnings were cyclical and would probably stay same is future. So, calling this a FMCG co and justifying the FY26 P/E is a risky bet. Eventhough the management has given guidance of 2000 cr, It’s difficult for both management and investors to predict how the cycle would play out. So, we should take management guidance with a bucket of salt.

I’m not saying the guidance could be achieved. They may or may not achieve it and may even surpass margins guidance. But, we should not predict it and justify 15x 2y forward P/E to such business.

It’s a different ball game if one can invest and hold till the cycle turns around (it may happen in 6 months of 3-4years, only god would know).

It’s always better to look at alternatives while investing. As per me currently good businesses are available to buy instead of dollar. For ex. HDFC Bank, Kama holdings (Hold co of SRF Ltd), IIFL securities, Fino Payments bank, South Indian bank, Vishnu Chem, Mayur uniquoters could be better alternatives from my tracking universe.

It’s upto each one of us to look at our tracking universe and weigh current co (Dollar Ind) against them and decide for oneself.

DIsc: Just sharing my thoughts. No reco to buy or sell. Holidng some of the cos mentioned

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

Issue price is 670 Rs which seems good