Owing to: i) a robust project lineup, ii) leadership in redevelopment projects in South Central Mumbai, iii) strong cost advantage and a proven track record in redeveloping 33(7) projects, iv) a huge addressable market, and v) a healthy Balance Sheet with predictable cash flows, we are optimistic about SURAJEST’s growth story. We maintain ‘BUY’ but revise our TP of INR661, valuing the stock at 1x FY26E NAV
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