Maintain Buy, TP at 6485 (From 7700)
Foresee no impact due to Ultratech Cements C&W foray till 2027
Target PE rationalized by 15% to 32x
Polycab is market leader with 25% organized market share
Key risks include higher competition and demand slowdown
Exports is a budding opportunity (China +1)
FY25-27 Sales/PAT CAGR at 22%/28% driven by new orders and FMEG improvement