CCL Products India Ltd. share price target

CCL Products (India) Ltd. (CCLP) registered a 28.6% YoY revenue growth to Rs. 654.9 crores in Q1FY24, surpassing market expectations of Rs. 580.1 crores, led by the company maintaining its volume-driven growth trajectory in the 18-20% range with additional volumes driven by the Vietnam plant.

We have maintained a BUY on the stock with an unchanged TP of Rs 750/share as we roll over our estimates to Jun'25.

Recommendation With a 23% upside from the CMP and the stock providing reasonable valuation and upside potential, we maintain our BUY rating on the stock.

We maintain a BUY on the stock (Unchanged from the earlier stance). We increased our FY23/24E PAT estimates by 11%/4% to factor in lower tax guidance.

We expect CCLP's Sales/EBITDA/PAT to grow at 31%/27%/26% CAGR over FY22-25E and maintaina high conviction BUY rating on the stock with a unchanged TP of Rs 600/share as we roll over our estimates to 23x Sept-24 EPS.