from 419 today
We remain cautiously constructive on the recovery, but visibility on its durability remains limited. Valuations remain demanding at ~45x FY28E P/E. We reiterate Sell with a revised TP of INR290, based on 30x Sep’28E EPS.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
