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Yes Securities Report
We rollover our estimates for Godawari Power and Ispat Ltd. to FY27E and continue to maintain a Buy rating on the stock. We value Godawari at six times FY27E enterprise value/Ebitda to arrive at our revised target price of Rs 284/share (earlier Rs 275/share).
Earlier this month, Godawari Power and Ispat Ltd. announced the acquisition of a 51% stake in Jammu Pigments Ltd. for a consideration of ~Rs 2,550 million. This strategic move marks Godawari Power's entry into the non-ferrous metal recycling sector, a market with significant growth potential driven by the increasing focus on sustainability and resource optimization. Jammu Pigments, a prominent player in this industry, specializes in the recovery and processing of zinc, lead, copper, and other non-ferrous metals, leveraging advanced recycling techniques to deliver high-quality products.
The acquisition underscores Godawari Power's commitment to diversifying its business portfolio while contributing to environmentally suitable industrial practices. Since its inception, Jammu Pigments has focused primarily on manufacturing lead ingots and lead alloys.
In 2015, the company expanded its capabilities into hydrometallurgical processes, extracting valuable metals from industrial residues, by-products, dross, and filter cakes generated by Hindustan Zinc Ltd.
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