🔻 Downgrade to SELL
🎯 TP: ₹700
🔍 Key Takeaways:
▪️ FY25 profitability hit by unsecured biz stress
▪️ Recovery likely in FY26E if macro improves
▪️ Growth potential intact, but...
▪️ Valuations stretched post recent rally
🟠 Prefer cyclical recovery via cheaper stocks