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NOCIL: The end of capex cycle ups free cash flow prospects

Faster execution of the ‘China plus’ opportunity will be a trigger for rerating for NOCIL

June 09, 2021 / 06:13 PM IST
NOCIL: The end of capex cycle ups free cash flow prospects

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

In the quarter gone by, NOCIL (CMP: Rs 207, Market Cap: Rs 3,444 crore) results highlighted two medium-term trends. One of them is that the company continues to ramp up capacity utilisation of the expanded facility and benefit from import substitution play. This volume-focussed strategy has helped it in gaining market share even though rubber consumption had degrown last calendar year. The other one is that since the Jan’21 supply-demand equation has balanced out, the company has been able...

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