Currently, the stock is trading at ~9.9x CY26E. We are maintaining our multiple of 16x due to improved sales mix & better operational efficiencies & thereby arrive at target price of Rs 316 per share which is an upside of 61.3% from current valuations. We have visibility of volume growth, strong balance sheet, cost optimization benefits & leveraging its blueloop brand which will increase its premium portfolio. The stock price has witnessed correction in the last few months and factored in most of the negatives. Thus, we maintain our BUY rating on the stock
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