The stock currently trades at 51.9x FY20e EPS of Rs 47.90 and 42.5x FY21e EPS of Rs 58.53. Its pan-India presence with an established network of 224 stores (214 at the end of last fiscal) across 17 states and high customer loyalty (58% of its sales were from repeat customers in FY19), would help it address the growing retail opportunity in India. It is attractively positioned to benefit from products priced below Rs 1000 attracting GST of 5%, constituting ~85% of its total revenue, making it possible to increase its industry share. Further, its ability to keep operating costs under control would help improve profitability – we expect OPMs of 9.4% and 9.5% in FY20 and FY21 respectively, with post tax earnings recording a CAGR growth of 22% during two years ending FY21. Debt-free status would enable it to weather shocks.