Accumulate Grauer and Weil;target of Rs 30: EIS

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26 Aug, 2025 12:21

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EIS's research report on Grauer and WeilTotal revenue for the quarter de-grew by 7% to Rs 948 mn. This was on account of de-growth in the engineering and paint business and a subdued performance from the mall and oil businesses. Top-line was somewhat saved by a healthy growth of 8% in the core chemical business. Overall it was a disappointing quarter for the company, mostly on account of subdued macros. Though Grauer is a market leader in electroplating chemicals and it will have moderate growth from this business, its focus on the paint business would drive the future growth of the company. With the change in the macro-economic situation, we expect the company to perform better in coming years. Incorporating 9MFY16 performance we have cut down our estimates and revised our target price downwards to Rs 30/share (DCF based) which implies 12.9x FY17E EPS. After some recent corrections, at current market price of Rs 22.6, the stock is trading at 9.7x FY17E EPS. The stock of the company offers 32% gain from current levels. Hence, we revise our rating from Accumulate to Buy.

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