(CMP: ₹1,718.70)
TARGET PRICE: 1,970
MAINTAIN NEUTRAL
Q4 Below Estimates Because Of Lower US Revenues
FY26 Sales Growth Guidance Below Est & Suggests Rise In Investments
Co 's Guidance For FY26 Suggests That Overhead Spends Shall Rise Ahead Of Revenue Growth,
Overhead Spends To Adversely Impact EBITDA Margin In Near-term
Co Expects FY26 Revenue Growth At Mid-to-high Single-digit, Below Current Est Of 10%