Additionally, NCERT's announcement of new competency-based textbooks for grades 4, 5, 7, and 8 marks a meaningful expansion in the curriculum upgrade cycle. While the sales season for FY25E will remain unaffected, this remain under pressure amid the growing adoption of second-hand books, although recurring institutional orders may offer a temporary buffer. On the operating performance front, while NELI and S Chand's EBITDA is likely to witness mid-single digit growth, DOMS is likely to witness margin compression due to consolidation of personal hygiene business. Among our coverage...