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ICICI Securities Report
ICICI Securities has retained its Buy rating on Grasim Industries Ltd. and has revised target price to Rs 3,600 vs Rs 3,377, implying a potential upside of 21%.
The brokerage continues to like Grasim Industries for the:
- sustained impressive scale-up of new business segments (paints + B2B ecommerce) as well as its unperturbed management commentary towards meeting revenue/Ebitda break-even guidance;
- strong possibility of high dividend income, from its subsidiary UltraTech Cement, likely continuing year-after-year (though the quantum may vary).
Enthused by its robust Q4 FY26 performance (Ebitda 29% ahead of estimate, with an all-round beat), the brokerage has revised upwards its FY27E Ebitda by ~6% and introduce FY28E, assuming 19% growth.
Rolling over valuations to FY28E, ICICI Securities continue to value the paints/B2B E-commerce business at 5x/1.5x price/sales. The assumption of a 40% holdco discount to the brokerage's fair value estimate across all its key holdings also remains intact.
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