Anup’s current revenue base of Rs. 243 Cr seems small in the overall context upon considering the industry size (~Rs. 27,000 Cr), strong parentage of Arvind Group, decades of experience and increased focus post demerger from the flagship group company. We thus believe Anup is geared to witness accelerated growth in coming years and is available at attractive valuations at 8.7x FY20E EPS. We recommend a BUY on Anup with a target price of Rs. 650, based on 14x FY20E EPS.