“Initiated coverage on Kusumgar shares with a 'Buy' rating and a target price of ₹800. The positive stance is driven by significant growth headroom in A&D Fabrics, global defense budget tailwinds, efforts to enter high-barrier products ensuring best-in-class margins, and diversified growth engines. The firm forecasts revenue, EBITDA, and PAT CAGR of 34%, 35%, and 46% over FY26-29, led by contracted defense-order recovery from FY27, valuing the stock at 40x June 2028E EPS.”