Author: Prashant Marathe
Date Published: May 21, 2025
🧾 At a Glance
- Total Income (Q4): ₹416.93 Cr
- Net Profit (Q4): ₹30.48 Cr
- EPS (Q4): ₹3.83
- CMP: ₹212
- EduFair Value: ₹250–₹280
👉 Verdict: Strong results, low buzz, decent upside.
🧵 About the Company
Rupa & Co Ltd is one of India’s largest innerwear and casualwear brands. Think:
- Rupa Frontline
- Jon
- Macroman
- Thermocot
They’re present in tier-2/3 India like no one else, with a massive offline retail distribution network and expanding into e-com quietly.
📊 Quarterly Breakdown (FY25)
| Quarter | Revenue (₹ Cr) | PAT (₹ Cr) | EPS (₹) |
|---|---|---|---|
| Q1 | 210.85 | 10.25 | 1.29 |
| Q2 | 298.36 | 18.30 | 2.30 |
| Q3 | 318.63 | 23.64 | 2.97 |
| Q4 | 416.93 | 30.48 | 3.83 |
FY25 EPS = ₹10.39
That’s a 50% growth from FY24. The turnaround is real — post raw material inflation correction.
🧠 EduInvesting Take
“Rupa is what you get when Titan marries Dollar Industries and moves to Bihar.”
✅ Profitable every quarter
✅ EPS accelerating
✅ Cash flow stable
❌ Still too boring for fund managers
❌ No FMCG premium — yet
The brand is stronger than the stock price. Which means: opportunity.
🧮 EduFair Value Estimate
- FY25 EPS = ₹10.39
- Sector P/E = 24–26 (Apparel/Innerwear)
✅ EduFair Value = ₹250–₹280
CMP = ₹212 → ~20–30% undervalued
Valuation rerating possible if 2 more quarters sustain this run.
⚠️ Risks
- 📉 Still cyclical (raw material sensitive)
- 🏷️ Heavy discounting in mid-tier segment
- 🛒 Competing with Jockey, Lux, Dollar, Amul
- 🧾 Market cap still below ₹2,000 Cr — low fund visibility
💸 CMP vs Fair Value
| Metric | Value |
|---|---|
| CMP | ₹212 |
| FY25 EPS | ₹10.39 |
| Fair Value | ₹250–₹280 |
| Upside | ~18–30% |
🏁 EduFinal Word
Rupa’s brand power is real. Earnings are back. Margins are climbing.
Edu Verdict:
Accumulate. This stock is cheaper than the vest it makes.
