"At the Rs 716 per share, the P/E multiple works out be 44 times FY2018 earnings
(an exceptionally profitable year), which appears on the higher side when compared to large established listed retail players
like Arvind (available at 34x FY2018 PE).
Hence, for its limited financial history, singular focus on ethnic woman apparel and demanding valuations, we recommend ‘Neutral’ on the issue," Angel Broking
had said in a note.