Highest Upside

We reiterate BUY on Metro, while revising up our TP by ~14% to Rs1,475 (60x Sep-27E pre-IndAS EPS). The change in TP is led by near-equal contribution from upward revision of estimates and earnings rollover.

Leveraging its strong balance sheet and best-in-class retail pedigree, Metro is prudently plugging portfolio gaps and remains a platform of choice for thirdparty brands looking to enter India.

Metro Brands (MBL) delivered in-line 11% YoY revenue growth in 2Q, driven by an improvement in in-store sales (+10% YoY vs. 4% YoY in 1Q), acceleration in store additions, and robust 39% YoY online growth.

Campus Activewear (Campus) delivered a healthy 12% YoY revenue growth, led by 8% increase in volumes and higher ASPs, supported by price hikes in open footwear and increased outright sales online.

Bata India's (Bata) Q2FY26 result was below our estimates on key parameters. The management cited GST 2.0 transition caused significant and acute disruption during the quarter, impacting the overall top line. The period between the rate rationalization announcement and the effective date saw substantial consumer and channel partner deferral in buying. However, the company anticipates structural benefits from the GST reduction, especially aiding the lower price point segment (below Rs1,000) which has been under stress for the past two years. Further, there is a structural shift in consumer...

With a 3% downside from the CMP, we maintain our HOLD rating on the stock.

With a 7% downside from the CMP, we maintain our HOLD rating on the stock.

Relaxo Footwears’ (RLXF) 1QFY26 results reflect persistent volume pressure amid restructuring of distribution, muted demand and heightened competition.