commencement of new capacities and 4) backward integration projects. In the current scenario of buoyant stock markets, steep discount at which INST trades vis--vis its peers has only expanded. Even a marginal contraction in discount can lead to rerating of multiples. Maintain HOLD' with TP of Rs680 (Unchanged) based on 10x FY24E EPS. Decent show in challenging times: INST reported revenue/EBITDA/PAT growth of 5%/23%/36% YoY better than our estimates. B2C/ B2B/ exports contributed to...