Motilal Oswal Maintains Neutral Rating on Aditya Birla Fashion with Rs 65 Target
Motilal Oswal's research report on Aditya Birla Fashion and Retail (ABFRL) highlights a strong 4QFY26 with 16% year-on-year revenue growth and 29% EBITDA growth, driven by Pantaloons' 17% growth and a 380 basis points margin expansion in the ethnic segment. FY26 revenue rose 11%, supported by Ethnic and TMRW segments, while losses in TCNS and TMRW reduced. Pantaloons showed solid growth aided by brand refresh. The report assigns a neutral rating with a revised target price of INR 65, noting ongoing investments and a breakeven target for TCNS by FY27-end.