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* Outlook: HHIL to witness healthy Revenue/EBITDA/PAT growth of 6/19/32% CAGR over FY23-26E backed by 1) Strong position in bathware 2) greater presence in Pipes & fittings and consumer appliance 3) Strong brand call 4) strong distribution reach and better product offerings Further its upcoming new facility in Roorkee and strong presence in Bathware segment will likely to improve the overall profitability of Hindware Home’s (improvement in margin by 345bps over FY23 to FY26E from 8.5% to 12%. We like to maintain our BUY rating on the stock led by with a TP of Rs. 458 (23x of FY26 EPS).

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