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Motilal Oswal Report
Motilal Oswal has initiated coverage on India's textile sector, turning constructive on the space amid improving global demand outlook, favourable tariff realignment, and rising opportunities from global supply chain diversification.
The brokerage believes India is at the cusp of transforming into a key global sourcing hub for textiles and apparel, supported by easing inflation, inventory normalisation across key markets such as the US and Europe, and upcoming free trade agreements (FTAs) with the UK and EU.
The brokerage has initiated coverage of Gokaldas Exports, Indo Count, Arvind, Pearl Global and Welspun Living, with a Buy rating and Vardhman Textile, KPR Mill, and Trident with a Neutral rating.
Gokaldas Exports (target price: Rs 1,110; ~36% upside)
Gokaldas Exports is likely to deliver strong revenue growth driven by the India business through capacity expansion and the Africa business by higher utilisation after the renewal of the African Growth Opportunity Act (AGOA).
The brokerage projects a revenue, Ebitda, and adjusted profit after tax compound annual growth rate of 18%, 33%, and 73%, respectively, over FY26-28.
Initiate coverage on Gokaldas Exports with a Buy rating and an EV/EBITDA-based target price of Rs 1,110, implying an EV/Ebitda multiple of 14x on FY28E earnings.
Arvind (TP: Rs 670; ~30% upside)
Arvind is on the verge of a strategic transformation from a fabric-focused player to a garments-led business, which offers a larger addressable market. Additionally, the AMD segment is expected to support, with its superior margin profile and strong growth potential.
The brokerage project a revenue, Ebitda, and APAT CAGR of 15%, 23%, and 29%, respectively, over FY26-28. The brokerage initiates coverage on Arvind with a Buy rating and an EV/Ebitda-based target price of Rs 670, implying an EV/Ebitda multiple of 13x on FY28E earnings.
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