30 Sep 2026, 16:26 IST
Metro Brands Limited
HDFC Securities · ADD · target INR 1,030
The note says MBL remains among the few footwear retailers chugging along across KPIs and that, after a ~34% one-year stock correction, valuations are more palatable (~35x Sep-28 P/E), with HSIE maintaining ADD at a DCF-based TP of INR1,030/sh (implying ~43x Sep-28 EPS) while cutting FY27/28 EPS estimates by 5-7%; it pencils in ~13% YoY Q2FY27 revenue growth with a 40bps margin hit from minimum wage hikes, ~18% revenue CAGR over FY27-29, ~35-40 Walkway store additions over FY27-29, and contributions from Clarks and Footlocker from FY28 and Fila from FY29.
From Metro Brands Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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