Kotak on Dr Agarwal
Initiate Add with TP of Rs 425
Setting its sights on profitable growth
Expect RoIC to improve to ~12% in FY28E
Expect robust 23%/27% EBITDA/EPS CAGRs over FY24-28E
Competition: Dr Agarwal has an early-mover advantage over organized peers
M&A strategy: Acquisitions have been a key growth enabler for Dr Agarwal
Initiate Add with TP of Rs 425
Setting its sights on profitable growth
Expect RoIC to improve to ~12% in FY28E
Expect robust 23%/27% EBITDA/EPS CAGRs over FY24-28E
Competition: Dr Agarwal has an early-mover advantage over organized peers
M&A strategy: Acquisitions have been a key growth enabler for Dr Agarwal
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