“Neutral on Priority Jewels IPO, seeing limited scope for a compelling long-term value story unless Return on Net Worth (RoNW) improves toward peer levels and customer concentration declines post-listing. While revenue grew ~24% YoY in FY26 with margin expansion and deleveraging, valuation is fair rather than cheap, and utilisation declined to 58% in Q1 FY27, suggesting growth is driven by product mix over volume.”