KOTAK ON S H KELKAR AND COMPANY ; BUY | TARGET ₹290 VS ₹270 EARLIER

• Retains annual revenue growth guidance of 12–13%; targets EBITDA margins above 15% within 12–24 months. • New India factories expected to commence operations in Q4 FY27 and Q4 FY28; global fragrance expansion supports growth. • Expects EBITDA to double over FY26–29. • Net debt likely to decline by March 2027 as inventories normalise.

S H KELKAR AND CO. LTD.

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