ICICI Direct has given Buy recommendation for TCNS Clothing with a target price of Rs. 800 in its research report issued on Sep 19, 2022

ICICI Direct’s research report on TCNS Clothing

Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brands. • TCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoIC • Healthy balance sheet with cash reserves worth Rs 150+ crore.


We maintain BUY recommendation on the stock. We value TCNS at Rs 800 i.e. 3x FY24E EV/sales (earlier TP: Rs 940).

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