ICICI Securities's research report on PTC Industries
PTC Industries (PTCIL)’s Q2FY26 EBITDA recovered to INR 257mn (+21% YoY), after a dismal Q1, as we believe TARC EBITDA losses would have reduced and ATL performance has improved. EBITDA margin, at 20.6%, was still from lower YoY levels of 29% due to Tarc. PTCIL has already completed VAR (1,500tpa) and VIM (900tpa) and also progressing well in terms of approvals and JVs (received orders from GTRE and BrahMos; JV with BDL). The company is expected to commission the remaining 5,200tpa facilities by Q4FY26; thus, geared up for quantum jump in its earnings, since global material tightness will potentially work in its favour to get orders faster.
Outlook
We retain BUY, with a revised target price of INR 20,700 (based on 50x FY28E EPS).
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