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Factoring this hike in, we anticipate an average revenue per user of Rs 213/230 for FY25/26E. Valuing the company at 15 times enterprise value/Ebitda we arrive at target price of Rs 1042 for Jio (earlier target price of Rs 967). We estimate a 4% change in consol EPS for FY25/26E. On a consolidated basis, given weak refining and petchem outlook in Q1 FY25 for Reliance’s O2C segment, we continue to maintain our Hold rating with a target price of Rs 3031
While FY24 revenue was impacted by supply-chain issues, we expect Bharat Dynamics Ltd.'s revenue to pick up from Q2 FY25 primarily led by execution of anti tank guided missiles, surface to air missiles and export orders. Overall focus of the government in augmenting rocket force along the border implies missile/rocket programmes are likely to be expedited. Factoring management’s guidance, we have lowered our revenue estimates for FY25/26E by 24%/29%;
I think July is a tough call now, although the payroll numbers on Friday will give us another clue on that. But I think they will cut twice before the end of the year, probably in September and December.