Overview
- Management told analysts there is nothing ambiguous in the FY25 annual report, while acknowledging and correcting specific disclosure lapses tied to acquisitions.
- Shares have tumbled more than 30% in recent sessions, including a 14% one-day drop to a 52-week low, wiping over $1 billion in market value to about $2.8 billion.
- Kotak flagged disclosure gaps and cash-flow variances, a jump in contingent liabilities to about Rs 520 crore, and around Rs 180 crore of intra‑group purchases omitted from standalone filings but eliminated on consolidation.
- JPMorgan now calls the stock its cheapest under coverage and retains an overweight rating with a Rs 7,550 target, while Macquarie also stays overweight with a Rs 7,700 target.
- Several analysts urge caution and advise against new long positions until Q3 disclosures address working capital, receivables quality and provisions for doubtful debts.