New Research Reports

Maintain BUY ratings on DOMS with a revised TP 3,110 per share

We maintain our BUY rating on the stock.

product basket (SKU count is up by ~300 in last 1 year), and strengthening distribution network (retail touch points are up by ~20K in last 1 year) we expect sales/PAT CAGR of 24% over FY25-FY27E. We broadly maintain our...

DOMS reported an in-line performance with revenues of Rs5,087mn (PLe core stationary business was at multi-quarter lows of 14%. Though we foresee near term growth challenges, the long-term story remains intact as the new development plan on 44-acres land parcel at Umbergaon is on track and the first building is expected to be ready by 3QFY26E. Further, phased expansion in capacities for pens, pencils, mathematical boxes, and paper stationary...

existing facility indicates true competitive edge of DOMS stems from full backward integration capabilities in core categories like pencils, sketch pens and mathematical instrument boxes. Further, a lot of new products like finger paints (check exhibit 2), floating markers (check exhibit 3) and water-based categories like pencils & pens and strengthening of the distribution network we expect sales/PAT CAGR of 27% over FY25E-FY27E. We broadly maintain our...

We maintain our BUY rating on the stock.

As the stock is not under our coverage, we do not offer a valuation. However, on a consensus basis, Flair Writing Industries is trading at 20x FY26 PE (Bloomberg Estimates).

We maintain our BUY rating on the stock.

DOMS reported revenue/EBITDA/PAT growth of 17.3%/38.9%/49.7% YoY. Its gross/EBITDA margin expanded 466bps/302bps YoY.

We maintain our BUY rating on the stock.

We are initiating coverage on DOMS Industries Ltd. with a BUY recommendation and a price target of Rs 2,670/share, representing an upside of 22% from the CMP.

Issue Snapshot:Issue Open: December 13 December 15, 2023Price Band: Rs. 750 790 (Discount of Rs 75 pershare for all eligible employees)*Issue Size: Rs 1200 cr (Fresh Issue of Rs 350 cr+ Offer for sale of Rs 850 cr (including Employeereservation of Rs 5 cr)Reservation for:QIB atleast 75% eq shNon-Institutional upto 15% eq sh((including 1/3rd for applications between Rs.2lakhs to Rs.10 lakhs))Retail upto 10% eq shFace Value: Rs 10Book value: Rs 70.69 (September 30, 2023)Bid size: - 18 equity shares and in multiplesthereof100% Book built IssueCapital Structure:Pre Issue Equity: Rs. 56.25 cr*Post issue Equity: Rs. 60.68 crListing: BSE & NSEBook Running Lead Managers: JM FinancialLimited, BNP Paribas, ICICI Securities Limited,IIFL Securities LimitedSponsor Bank: HDFC Bank Ltd & Axis BankLimitedRegistrar to issue: Link Intime India PrivateLimitedShareholding PatternShareholding PatternPre issue%Post issue%Promoter and PromoterGroup100.00 74.97Public & Employees 0.00 25.03Total 100.0 100.0*=assuming issue subscribed at higher bandSource for this Note: RHP IPO Note - DOMS Industries Limited