CLSA on KE Ind | Upgrade to O-P, TP cut to Rs 4845

Believe post correction risk of competition & marginal guidance cut are factored in. 2Q PAT was slightly below estimate despite strong topline growth due to lower margins. While FY27 revenue growth guidance was maintained at 25% with volume growth guidance of 10%+, the Ebit margin was indicated to be at the lower end of earlier guidance of 11%-12%. Capacity expansion supports 20%+ medium-term growth, while competitive and supply risk appear largely priced in.

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