Accumulate Time Technoplast; target of Rs 216: Kotak Securities

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26 Aug, 2025 12:21

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Kotak Securities' research report on Time Technoplast

In our meeting with the promoters of Time Technoplast, the management shared its positive outlook in its various businesses like Industrial packaging, Composite Cylinders, HDPE Pipes and Batteries. The management expects revenue growth of 15% and modestly higher EBITDA margins in FY18 aided by increasing share of value-added products.  The TTL stock has been rerated in recent months on the back of 1) improved earnings growth and 2) levelling of debt. We value the stock at 18x FY18 earnings, arriving at a target price of Rs 216 (Rs 210 earlier) on the stock. In view of the moderate upside, we maintain ACCUMULATE, thereby advising investors to “BUY on declines”.

Outlook

We continue to maintain our positive stance on the company in view of healthy earnings growth coupled with improving return ratios. We value the stock at 18x FY19 earnings (18x FY19 earnings earlier) and arrive at a price target of Rs 216 (Rs 210 earlier). We have considered the following factors in according valuation multiple - 1) improving trajectory in ROCE 2) Improvement in share of “value added products” 3) huge potential for composite cylinders.

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