KamayaKya Wealth Broker Research reports

Going forward, we estimate 25%, 24% and 19% Revenue, EBITDA and PAT CAGR respectively till FY24, driven by improvement in demand from exports and an increase in the utilization of the existing capacities. Further the increased focus on domestic business will help the company to scale its brand Carysil.

Going forward, we estimate 20% revenue CAGR till FY24, driven by the increasing presence, high marketing spend and new product launches in the home appliances division. Currently, IFBIL is trading at a 2-year forward EV/EBITDA multiple of 12.1. We anticipate a FY24 EV/EBITDA multiple of 14.5, which is below the 3-year median of 20.62.

We estimate a 31.72% CAGR in revenues based on return of classroom teaching, increase in the number of centers, added TAM from the CUET Exam and growth in MarTech business till FY24. We expect PAT margins for FY24 to be in the range of 6.5%.

We estimate a 25% revenue CAGR till FY24, driven by ongoing capex plans, EPR battery recycling policy and company’s competitive position in Lead recycling space in India. We expect GIL to post a PAT CAGR of ~23% during FY22-24E driven by efficiencies in the Lead recycling business.

We expect HGIEL to post a PAT CAGR of ~16% during FY22-24E driven by the cost efficiencies. Currently, HGIEL is trading at a 9.18x PE multiple, we assign a FY24E PE multiple of 9.2x.

Going forward, we estimate a 20% CAGR till FY24 (based on non COVID-19 products), driven by doubling of capacities in the lyophilisation segment, increase in market share of niche products and new product launches coupled with geographical expansion.

We estimate a 20% CAGR revenue, over FY22-24E. We expect MCFL to post 9.80% PAT margin during FY22-24E. Currently, MCFL is trading at a 8.69x EV/EBITDA multiple (FY22), we assign a Forward EV/EBITDA multiple of 7.4x as of Dec 2022.

Currently, the company is trading at a TTM P/E Multiple of 34.1 and a FY24 P/E Multiple of 19.68. We expect the company to have a Target P/E Multiple of 25.6 a year from now, giving us a target price of Rs 500.77 and an upside potential of 30.07%.

We estimate a 21% CAGR till FY24, driven by revenue recognition in major EPC projects, growth from the Chemical division and Consumable product division. We expect IEIL to post a PAT CAGR of ~22% during FY22-24E driven by EPC efficiencies and Chemical division margin improvement.

We estimate a 27.5% CAGR revenue, over FY22-24E, driven by upcoming capacities in Dye Intermediates and SSP fertiliser. We expect SPCFL to post CAGR of 21.89% for PAT during FY22-24E.