Textile stocks, in the past one year, have witnessed a significant re-rating with readymade garment exporters (RMG) stocks like KPR Mills and Gokaldas Exports (GEL) rallying ~6x since our initiation reports. A material improvement in financial performance (RoCE for KPR improved 440 bps to ~24% in FY21), deleveraging of b/s (D/E for GEL declined from 0.9x to 0.5x) and robust order book for the companies have been key triggers for the re-rating. We continue to like KPR and GEL to play the structural long term story in the apparel export space owing to their strong business models and long standing relationships with marquee global clients....