Valuation and rating: We value La Opala on Sept.23 EPS of Rs.12.4 (Rs.11.8) leading to a target price of Rs.425 (Rs.400) an upside of 21% from current levels. Change in target price is due to an upward revision in earnings by 9.6% and 6.2% for FY23E and FY24E respectively. La Opala reported the highest-ever quarterly revenue and we expect a similar kind of buoyancy to continue going forward, with growing demand for Opalware products. Channel checks have indicated strong demand trends and we believe La Opala is well-positioned to capitalize on this. With new Opalware capacity expected to come on...