Valuation and rating: We value La Opala on Dec.23 EPS of Rs 13 (Sept 23e.12.4) leading to a TP of Rs .470 (Rs.425), an upside of 18%. We have revised our earnings estimate upward marginally, adjusting for the exceptionally strong performance. With pent-up demand still not entirely satiated, steady but palpable gains from substitution of competing categories, and competitive pricing for what is still perceived as semi-luxury, and La Opala's leadership position, value enhancement can be formidable. Further, with new capacity expected to come on stream by Q1FY23e and foray into borosilicate glass,...