TCNS has three brands - W, Aurelia and Wishful. But changes in consumer preferences and fashion are a concern for this industry. Also, the cash conversion cycle of the company is 76 days which is again a concern. It also has major competition form the unorganized sector as it forms large part of this industry. We are neutralon this stock due to limited upside of about 25% - 30% with horizon of 2-2.5 years.