TTCH has traded at one-year forward EV/EBITDA of 7.5x (average) for the last five years. Our SOTP-based target price is INR956 – implied EV/EBITDA of 9.6x, which is ~30% premium to its five-year average. This is justified, in our view, given the recent business transformation toward higher-RoCE segments (specialty and consumer products). Our TP implies a 40% upside. Maintain Buy.
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