• Upgrade to Buy from Hold; Hike target price to Rs 4876 from Rs 3771
• All round outperformance warrants earnings upgrade and re-rating
• Robust revenue growth at a healthy 37% on a 5-year CAGR basis
• Gross margin expansion drove profitability
• Accelerated store expansion continues
• Raise EBITDA estimates by 22%/35% for FY25/26
• Expect strong growth driven by aggressive store expansion of Zudio and improvement in profitability due to operating leverage
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