Time Technoplast: Motilal Oswal Projects 44% Upside, Maintains 'Buy' On Attractive Valuation

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Motilal Oswal Report

Driven by a robust outlook and attractive valuation (~15x FY27E P/E), Motilal Oswal reiterates 'Buy' rating on Time Technoplast Ltd. with a target price of Rs 289 (44% upside potential), based on 22x FY27E P/E.

After posting a CAGR of 16%/19%/39% in revenue/Ebitda/PAT over FY21-25, the brokerage expects a CAGR of 15%/16%/23% over FY25-28, to be fueled by its strong performance in the VAP segment.

Pre-tax RoCE and RoIC are expected to expand from ~18.2% each in FY25 to ~23% and 25% in FY28, respectively, led by healthy operating performance, improved plant efficiency, and tightening of the net working capital cycle.

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