Highest Upside

We maintain our BUY rating with Sep-25E TP of Rs600/sh on 40x P/E. With the key growth pillars in place, we see 15% revenue CAGR over FY24-27E.

Expansion beyond Gujarat set to fuel business growth

In the extremely volatile PVC pricing context Astral’s performance was decent though revenue was up only 0.5% to a muted Rs13.7bn.

Despite the challenging retail environment Go Fashion’s Q2 revenue grew 10.4% y/y, in line with ARe, led by 0.5% SSSG.

In line with ARe, Kajaria Ceramics’ Q2 revenue grew 5% y/y to Rs11.8bn. EBITDA/PAT fell 12%/22% y/y to Rs1.6bn/Rs843m, below our estimated Rs1.7bn/Rs940m.

FCL reported a revenue of INR 1,457 Mn, a growth of 2% QoQ, flat YoY. Gross Margins remained flat declining by 36bps, coming in at 38.22%.EBITDA margins (excl. OI) were maintained on a QoQ basis, coming in at 25%, with a 133bps decline on a YoY basis, margins were in line with our expectations.

Driving India's digital financial solutions

Infibeam Avenues Q2FY25 reported better than anticipated earnings. Gross revenue stood at INR 10,167 Mn, increased by 29.2% YoY (+36.5% QoQ), primarily driven by robust growth in the payment business.