INMART: Choice Institutional Equities Recommends 'BUY' with Rs 2800 Target

• Choice Institutional Equities maintains a 'BUY' rating for INMART with a target price of Rs 2,800.
• The valuation is based on 25x PE to the average FY27E–FY28E EPS of INR 115.
• Improved collections momentum is noted, but subscriber churn, especially in the Silver category, remains a concern.
• Management anticipates tangible improvements in subscriber churn by FY27E.
• Near-term performance is expected to be driven by ARPU, with net additions recovering gradually.

Why It Matters: Choice Institutional Equities recommends buying INMART, setting a target of Rs 2,800 despite subscriber churn concerns.