Sushil Finance

📢 Re-Initiating Coverage – Ethos Ltd.

Ethos crossed the 100-boutique milestone post-year-end, with the 100th boutique opening in Indore on May 15,
2026, against 73 at end-FY2025.

We expect Ethos Limited to deliver revenue growth of approximately 138% by FY2029E over FY2025, driven by robust domestic luxury demand, aggressive store network expansion, and margin improvement supported by the India-Switzerland EFTA agreement now in force since October 2025. We estimate EBITDA and PAT margins to improve to approximately 14.2% and 7.4%, respectively, by FY2028E, reflecting operating leverage from store maturation and a favourable revenue mix shift toward exclusive brand partnerships. Our EPS estimates stand at Rs.53.5, Rs.67.8, and Rs.81.9 for FY2027E, FY2028E, and FY2029E, respectively.

Assigning a P/E multiple of 40x on FY2029E EPS, we arrive at a target price of Rs.3,274, implying an upside of ~35% from the current market price of Rs.2,459. We re-instate coverage on Ethos Limited with a BUY rating, with an investment horizon of 24– 30 months.

📩 Comment "ETHOS" to get the full report

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📢 Initiating Coverage – Affle 3I Ltd .

Advertisers Only Pay When It Works: A Rare and Powerful Business Model: Affle’s core business model, Cost
Per Converted User (CPCU), charges advertisers only when a measurable conversion occurs, such as an app
install, purchase, signup, or transaction, making ad spends outcome-driven and highly measurable.

Going forward, we expect the company to deliver an EPS of ~Rs.52 in FY28E; assigning a target multiple of 39x, we arrive at a target price of ~Rs.2,033, showcasing an upside potential of 38% from current levels. Hence we initiate coverage on Affle 3i Ltd. with a BUY rating, over an investment horizon of 18 – 24 months.

📩 Comment "AFFLE" to get the full report

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📢 Initiating Coverage – MASTEK LTD.

Mastek's Oracle practice spans 2,000+ certified consultants and 1,300+ implementations across 40 countries,
with independent recognition from Gartner, Everest Group, ISG, and Forrester, a combination few mid-sized
Indian IT peers can match.

We expect Mastek Ltd. to deliver 27% growth in Revenues to Rs.4691.8 crore in FY29E from Rs.3698.8 crore in FY26. This growth is majorly driven by the AI led growth with their revenue model transition, its specialization in Oracle Cloud and Salesforce certifications. Furthermore, the company’s presence and relationship with the UK Public Sector has high entry barriers. We estimate the EBITDA and PAT margins to be 16.4% and 11.6% respectively by FY29E. Our estimated EPS is Rs.144.2, Rs. 158.2 and Rs 176.1 for FY27E, FY28E and FY29E respectively. We assign a P/E multiple of 13x to arrive at the target price of Rs. 2290, which is an upside of ~37% from its last closing price at Rs. 1674. We initiate coverage on Mastek Ltd. with a BUY rating, over an investment horizon of 24-30 months.

📩 Comment "MASTEK" to get the full report

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📢 Q4 FY26 Results Update – Kajaria Ceramics Ltd.

Kajaria Ceramics Ltd. recently announced its performance for the quarter ended March 31, 2026. Following are the key highlights.

With the cost optimization measures by the company and improvement in consumer demand, we expect the bottomline to grow faster clip, at 22% CAGR in FY25-28, with FY28E EPS to be Rs. 39.8. We arrive at a Target Price of Rs. 1,650, showcasing an upside potential of 55% from current levels with an investment horizon of 18-24 months, with a BUY rating on the stock.

📩 Comment "KAJARIA" to get the full report

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📈 India’s tech sector gets a new trading opportunity on the exchange floor.

Introducing BSE Focused IT Index Options — designed to offer exposure to India’s leading technology companies through a single index-based derivative product. 💻⚡

🗓 Launching from 11th May 2026
📅 Monthly Expiry: Last Thursday of every month