What changed since last brief

• Score 60 → 70No material change.

Investment thesis

1. 01Promoter holding rose 0.94 pp to 55.95% in the latest quarter. [shp]
2. 02Debt-to-equity stands at 0.72, higher than sector median of 0.25 but manageable. [fin]
3. 03Consensus shows 76% buy ratings and 8.9% upside to mean target of 12,024. [cns]
4. 04Price of 11,040 is above the 50‑day moving average of 10,821.52. [px]

Key risks

• −Operating margin has been volatile, contracting from 23% to 17.2% over recent quarters. high [fin]
• −Leverage above sector average could limit financial flexibility. medium [fin]

Catalysts

• →short term · EPS estimates revised up 10.5% over the past 30 days, indicating improving earnings outlook. [cns]

Valuation read

Mean target price is 12,024 per analyst consensus.

Supply chain

Customer HHI 0.51 and distress score 0.15 (low).

Uncertainty

• ?Annual revenue, operating profit and net income for FY2026 not disclosed.
• ?Current assets and liabilities not provided.
• ?1 statement removed because it could not be traced to cited inputs.