899.20 6.10 (0.68%)
NSEJan 22, 2021 03:31 PM
The 8 reports from 3 analysts offering long term price targets for KPR Mill Ltd. have an average target of 995.33. The consensus estimate represents an upside of 10.69% from the last price of 899.20.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-12-17||KPR Mill Ltd. +||ICICI Securities Limited||913.85||1100.00||913.85 (-1.60%)||22.33||Buy|
ICICI Securities Limited
Over the last six years, KPR has strategically focused on increasing capacities in the garmenting businesses. In FY14-20, its garment capacity increased at ~20% CAGR, with garmenting revenues increasing 24% in the same period. Subsequently, share of garment revenue has increased from 16% in FY14 to 42% in FY20. KPR, in the previous quarter, announced 40% increase in new garmenting capacity (~47 mn pieces) with full ramp expected up by FY23E. Capex for the same is estimated at | 250 crore with ~75% funding through debt (covered under TUFS). Furthermore, the new...
|2020-11-04||KPR Mill Ltd. +||ICICI Securities Limited||780.10||850.00||780.10 (15.27%)||Target met||Buy|
|2020-10-31||KPR Mill Ltd. +||Karvy||739.00||906.00||739.00 (21.68%)||Target met||Buy|
|2020-10-29||KPR Mill Ltd. +||ICICI Securities Limited||716.50||850.00||716.50 (25.50%)||Target met||Buy|
ICICI Securities Limited
Currently, the garmenting division is operating at optimum utilisation levels. To cater to growing market demand and tapping new potential markets such as US (KPR currently has strong presence in EU), the company has embarked on a greenfield expansion of its garmenting facility with annual capacity of 42 mn pieces. With the capacity addition, KPR will be India's largest knitted garment manufacturer in India with total capacity of 157 mn pieces. Capex for the same is estimated at | 250 crore with ~75% funding through debt (covered under TUFS). Furthermore, the new capacity will be...
|2020-09-14||KPR Mill Ltd. +||ICICI Securities Limited||597.00||735.00||597.00 (50.62%)||Target met||Buy|
ICICI Securities Limited
Global brands in textile, apparel are exploring competitive sourcing alternatives to China. India, owing to its competence due to abundant availability of raw material (cotton, manmade yarn/fabric), strong pool of skilled labour at competitive wages can garner a higher share of global garmenting business. Global brands have shown higher preference for vertically integrated garment manufacturers who have control over quality, delivery timelines. KPR, with a vertically integrated model from yarn to garmenting seems well set to benefit from shift in demand from China to other...
|2020-08-20||KPR Mill Ltd. +||Karvy||563.30||637.00||563.30 (59.63%)||Target met||Hold|
Valuation and Risks: The stock has traded at an average valuation of 14x in the past 5 years, While the results were not impressive, the balance sheet strength (in comparison with peers) and the focus on diversification plans that were already underway (in termsof geography) gives us confidence that the company can weather the period andare better placed to come out of this without having to reinvent itself.
|2020-07-28||KPR Mill Ltd. +||Karvy||434.95||377.00||434.95 (106.74%)||58.07||Sell|
|2019-11-27||KPR Mill Ltd. +||Karvy||659.75||836.00||659.75 (36.29%)||Target met||Buy|
|2019-08-01||KPR Mill Ltd. +||Karvy||540.05||629.00||540.05 (66.50%)||Target met||Hold|
|2019-06-01||KPR Mill Ltd. +||Karvy||612.55||645.00||612.55 (46.80%)||Hold|
Garment Division Grows Albeit Slower than Expected: Garment realizations have been on a steady rise over the last few years and for FY19, it rose ~ 9% to Rs. 143. The ramp up of Ethiopian plant is slower than expected (training and other logistical factors continue to delay the process).
|2019-02-07||KPR Mill Ltd. +||Karvy||530.05||675.00||530.05 (69.64%)||Buy|
Performance continues to improve; valuations should improve in thecoming quarters: Strong increase in exports, coupled with increased captive consumption of yarn and fabric led to revenue growth of 7.6% and PAT growth of 14.7% on YoY basis in Q3FY19.
|2018-11-03||KPR Mill Ltd. +||Karvy||592.35||716.00||592.35 (51.80%)||Buy|
Exports excel, capex plans on track: Garment export business thrives asvolumes increased by 15.36% (44.5Mn vs 37.6Mn) and realization by ~ 6% (Rs. 137.75 vs Rs. 129.78 in H1FY19).
|2018-08-06||KPR Mill Ltd. +||Karvy||640.00||716.00||640.00 (40.50%)||Hold|
Garment Division Rebounds: Garment volumes were up 27% on YoY basis and realizations have also bouncedback for the quarter improved by ~ 9% (on gross levels - Rs. 138/unit vs Rs. 127/unit in Q1FY18).
|2018-05-30||KPR Mill Ltd. +||Karvy||596.00||659.00||596.00 (50.87%)||Target met||Hold|
While ramping up of the garmenting division seemed like a significant positive catalyst for long term growth, it hit hurdles as orders accepted were for lower valueadded garment manufacturing. This is the result of stiff competition from lower cost nations such as Bangladesh.
|2018-04-10||KPR Mill Ltd. +||Choice India||637.05||760.00||637.05 (41.15%)||Buy|
KPR Mill Ltd. is a vertically integrated apparel manufacturing company in India, which produces Yarn, Knitted Fabric, Readymade Garments and Wind Power with its production facilities in Tamil Nadu, India. The company has 1,200 regular...
|2018-02-16||KPR Mill Ltd. +||Karvy||671.00||803.00||671.00 (34.01%)||Buy|
Demand and raw material prices impact Q3 performance: KPR managedgood revenue growth for its textile segment in the quarter (22% YoY) in comparison to corresponding quarters in the last 2 fiscals. However, EBIT margins were thelowest (14%) over the same period on account of higher raw material prices and tepid demand.
|2017-10-24||KPR Mill Ltd. +||Karvy||774.75||922.00||774.75 (16.06%)||Buy|
Increasing share of value added products: KPR Mill Ltd has, in recent years, made a strategic diversification having increased the share of fabric and garments in the product portfolio, thereby bringing about great synergy in business. It plans to further increase its base in garment business and to that extent has doubled processing capacity (completed in Q4FY17) to 18,000 Mt. As of FY17, Fabric & Garments segments contribute ~ 39.0% of consolidated revenues, which is up by 9.5% from FY14.
|2017-08-01||KPR Mill Ltd. +||East India Securities Ltd||781.00||944.00||781.00 (15.13%)||Buy|
East India Securities Ltd
Revenue: KPR Mills (KPRM) consolidated revenue grew by 12.1% YoY to Rs 7.4 bn. Growth in textile business was muted at 1.2% YoY due to impact of GST rollout. Sugar segment revenue grew by 471 % YoY to Rs 830 mn as unsold inventory was liquidated in this quarter. EBITDA: Higher operating leverage in sugar and soft cotton prices helped in the expansion of EBITDA margin by 50 bps YoY. EBITDA stood at Rs 1.5 bn with an increase of 15.1% on YoY basis. PAT: Depreciation cost was largely along the anticipated lines. Other income however declined...
|2015-07-31||KPR Mill Ltd. +||Karvy||769.30||882.00||769.30 (16.89%)||Target met||Buy|
KPR is a leading garment exporter & vertically integrated player, engagedin manufacturing & marketing readymade knitted garments (amongst top 3garment manufacturers in terms of total units produced), Knitted fabrics & cotton yarn (4th largest Indian player in cotton yarn in terms of installed spindleage capacity) including value added Compact & Melange yarn.
|2014-11-26||KPR Mill Ltd. +||ICICI Securities Limited||320.40||320.40 (180.65%)||Pre-Bonus/|