MORGAN STANLEY ON AVENUE SUPERMARTS ; OVERWEIGHT | TP ₹4,182 | EARLIER TP ₹4,464

• FY27 margin estimate cut to 7.5% from 7.6% earlier. • Expects gradual margin improvement to 7.6% by FY29. • FY27–29 EPS estimates cut by 4%.

AVENUE SUPERMARTS LIMITED