We present an Investment Idea on VIP Industries (VIP) with a fair value in the range of Rs.550-600. The company is the undisputed market leader in the organized luggage industry with a market share of ~46%. Given the company's presence across different product categories, pricing points and wide distribution platform, we believe the company is in a sweet spot to capitalize on the growth with economies opening up. Further, adding to our enthusiasm are strong cost-cutting initiatives and an increase in sourcing from Bangladesh. These initiatives coupled with strong FCF generation and...