Tata Client Produtcs inventory has appreciated by c.17% over the previous three months, and presently trades at one-year ahead P/E of 64x. On the present degree, we imagine most positives (enhancing tea realizations, sturdy meals’ development, pickup in margins) are factored in, with restricted visibility of any important incremental positives.
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Systematix Report
We keep Tata Client Merchandise Ltd.’s FY26E-FY27E income estimates however decrease PAT estimates by 3-5% to issue in additional reasonable margin expectations post-FY25 actuals; we construct income/ Ebitda CAGR of 11%/14% over FY25-FY27E.
Tata Client Produtcs inventory has appreciated by c.17% over the previous three months, and presently trades at one-year ahead P/E of 64x. On the present degree, we imagine most positives (enhancing tea realizations, sturdy meals’ development, pickup in margins) are factored in, with restricted visibility of any important incremental positives.
We downgrade the inventory to Maintain from Purchase; we roll over valuation to March-2027 (from December-2026) and worth the inventory at P/E of 56x (vs 58x earlier), leading to decrease goal worth of Rs 1,175 (from Rs 1,220).
Whereas we stay optimistic on prospects of sturdy double-digit development and enhancing profitability, we await a extra engaging entry level for the inventory.
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