At the CMP, the stock trades at 1.2x/1.1x FY2025E/FY2026E BV estimates. LTFH is well on track in line with Lakshya 2026 to transform into the retail franchise.

Despite a sharp run-up, KBL trades at an attractive valuation of ~18x FY2024E/~15x its FY2025E EPS. We expect Q1FY24E to be a strong quarter on all parameters and see potential upside of 23% from CMP.

Earnings outlook remains strong

Focus remains on sustainable growth

Covid-19 sectoral impact: The beaten and the brave

Ultimately, Market Recovers, which Provides Multiple Attractive Opportunities

Proposed capacity expansion will help boost the volumes, thus, driving revenue growth

For Samvat 2075, we have hand‐picked 12 quality stocks portfolio, which are mix of both large caps and midcaps quality names

Steaming hot; Re-initiate with a positive stance

This portfolio is well balanced and provides superior returns, without any unnecessary risk