Motilal Oswal's research report on R R Kabel
RR Kabel’s (RRKABEL) 3QFY26 performance was above our estimate, led by higher-than-estimated revenue growth in both C&W and FMEG. Consol. revenue increased ~42% YoY to INR25.4b (~14% beat). EBITDA increased ~85% YoY to INR2.0b (~15% beat). OPM expanded 1.9pp YoY to ~8% (in line). Adj. PAT surged ~94% YoY to INR1.3b (~18% above our estimate).
Outlook
The stock is trading fairly at 30x/24x FY27E/28E EPS. We value RRKABEL at 28x FY28E EPS to arrive at a TP of INR1,530. Reiterate Neutral.
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