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Anand Rathi Report
Factoring in the weak Q2, we tweak our estimates for Finolex Cables Ltd. As we roll forward to FY27e, we model 12%/13% revenue/net income CAGRs over FY24-27, which could result in the return ratio expanding.
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At the current market price, the stock trades at 21x/18x the FY26e/27e EPS of Rs 55/62. We retain a Buy, with a 12-month target price of Rs 1,577 (Rs 1,872 earlier) on a sum-of-parts approach.
We assign 28 times P/E to the company's core business.
Risks:
Fluctuation in raw material prices could dent margins, a sharp compression in Finolex Industries' profitability could squeeze the company's net income.
Timely commissioning of capex and backward integration are critical to margin expansion in FY25/26.
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