We value IPRU at 1.5x Mar’27 EVPS, implying a target price of INR 714. IPRU iscurrently trading at 62.6x FY26 P/E, lower than the peer average of 68.6x FY26 P/E, led by lower growth in net profitability. We upgrade our rating from “HOLD” to “ACCUMULATE” on the stock.