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ICICI Securities Report
Tarson Products Ltd. Q1 FY25 standalone biz revenue and margins were impacted due to a slowdown in its domestic business (down ~4% YoY). Higher share of exports and sales of Nerbe's (Rs 201 million) weighed on its consol. Ebitda margins, down 1280 basis points YoY to 25.7%.
Commercialisation of Panchla plant is now expected in H2 FY25, as it suffered from damage to new machinery (Rs 30 million impact) in Q1. It has incurred capex of Rs 3 billion towards the Panchla plant and can generate revenues of Rs 4 billion at peak capacity in three–five years post commercialisation.
We cut our FY25E/FY26E earning per share by 12%/10.8%, factoring in lower sales and margins of Nerbe (8–12%). We lower our rating to 'Reduce' (Add earlier). Target price revised to Rs 408 at 17 times FY26E enterprise value/Ebitda.
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