The note says the business story is intact and it stays positive, valuing the company at 26x June 2028E EPS for a fair value of Rs2,000, while flagging board-level exits and the absence of a promoter as governance considerations, and citing management's reiterated FY27E guidance of 20.5-21% EBITDA margin, 15.5%+ EBIT margin and FCF/PAT above 100% along with strong order bookings.
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1 note from Private Client Group Research summarized from KIE research report · all time