Buy Caplin Point Laboratories; target of Rs 605: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Caplin Point Laboratories

Q2FY21 revenues grew 18% YoY to Rs 268 crore. EBITDA margins improved 131 bps YoY to 32.6% due to higher gross margins partially offset by higher staff costs due to recently acquired subsidiaries. Sequential margin improvement (up 279 bps) was on account of a better overall operational performance. Subsequently, EBITDA grew 22.9% YoY, 22.1% QoQ to Rs 87 crore. However, PAT remained flattish (down 0.7%) YoY at Rs 57 crore due to lower other income and higher tax outgo.

Outlook

The company continues to offer a compelling risk-reward scenario at current valuations. We maintain BUY rating and arrive at our target price of Rs 605 (12x FY23E EPS of Rs 50.3).

For all recommendations report, click here

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