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We initiate coverage on Surya Roshni (Surya) with a BUY rating and a target price of Rs694. Surya is the second largest manufacturer of steel pipes (contributes 67% to EBITDA) and also the second largest LED manufacturer in India. With focus on improvement in product mix in steel pipes segment, we expect its margins to improve over the next two-three years. In Lighting & Consumer Durables segment, we anticipate strong growth in segment revenue led by rising demand for LED lights in India and also import substitution. Surya has entered home appliances in the past five years - we expect this segment to record strong growth given strong distribution network of...
APL Apollo Tubes (APL) reported strong improvement in profitability for Q1FY22; its EBITDA was a strong beat to our forecast. APL's EBIDTA/tonne jumped to Rs6,825 (+129% YoY, +44% QoQ) driven by 1) strong demand, 2) better product mix and 3) higher contribution from high-margin Apollo Tricoat Products. Despite 14% QoQ fall in...
With a cyclical recovery under way in its key user segments (construction equipment, commercial vehicles) and steady prospects in the tractor space, we expect GST to report sales CAGR of 15% over FY21-23E EBITDA margins are slated to remain elevated at ~38% with RoCE inching up to 30% in the aforesaid timeframe (FY21-23E) With low capex spends, GST has a history of rewarding shareholders with healthy dividends and buybacks. We expect the trend to continue with recent dividend declaration of | 9/share for FY21 & buyback announcement...
Vardhman Special Steel (VSSL) has recently been granted the environmental clearance (EC) for expansion of capacity at its existing plant in Ludhiana, to up to 280000 tonnes per annum of rolled production. The company applied for the said approval in CY19. With this approval, the path for enhancement of capacity has been cleared. To begin with, the current rolling capacity of 200000 tonnes per annum would be increased to 250000...
APL Apollo Tubes (APL) reported better than expected profitability for Q4FY21 as its EBITDA was 19% higher than our estimate. EBIDTA/tonne at Rs4,742 (+59% YoY) was a strong beat and was led by better product mix and scarcity of raw material (steel)/...
Vardhman Special Steel (VSSL) reported a healthy set of Q4FY21 numbers on the back of strong demand from the automobile sector. Sales volume for the quarter was at 47828 tonnes, up 34% YoY, 4% QoQ. Topline came in at | 334.5 crore, up 63% YoY, 16% QoQ. Topline growth was on the back of higher sales volume and price increase, which came into effect from January 2021. Ensuing EBITDA came in at | 52.3 crore, up 231% YoY, 32% QoQ. EBITDA margin for the quarter was healthy at 15.6% (13.7% in Q3FY21, 7.7% in Q4FY20). The robust EBITDA performance was primarily on the back...
