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Buy Balkrishna Industries: target of Rs 2700: Sharekhan

Sharekhan is bullish on Balkrishna Industries has recommended buy rating on the stock with a target price of Rs 2700 in its research report dated November 22, 2021.

November 23, 2021 / 01:42 PM IST
 
 
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Sharekhan's research report on Balkrishna Industries


For Q2FY2022, Balkrishna’s results were below expectations on the operational front, however management has revised volume guidance upwards. We expect strong double-digit volume growth in FY2022E, driven by infrastructure creation and pick-up in economic activity and continued market share gains. We expect earnings to report a 31.8% CAGR during FY2021-FY2023E, mainly driven by volume growth.



Outlook


We upgrade our rating on Balkrishna Industries Limited’s (Balkrishna) to Buy with a revised PT of Rs. 2,700 given robust outlook and earnings growth. The stock trades at P/E multiple of 21.6x and EV/EBITDA multiple of 15.1x its FY2023E estimates.


For all recommendations report, click here

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first published: Nov 23, 2021 01:42 pm

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