If the management clocks revenues of ₹6,250 crore (average of the ₹6,000–6,500 crore range guided) in FY27, with an Ebitda margin of 14.5%, then absolute Ebitda would be ₹900 crore. Based on that and the negligible net debt status, the stock’s EV/Ebitda multiple works out to 47, which appears higher from a short-term perspective. Also, there is competition from Prama Hikvision, Zhejiang Dahua, Samriddhi Automation and Axis Communication in the organized market.
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