Anand Rathi's research report on Carysil
Carysil’s Q2 revenue/EBITDA/PAT grew 16/24/62% y/y to Rs2.4bn/461m/272m. Gross margin contracted 374bps y/y to 51.9%, due to change in product-mix and higher input cost. While economies of scale aided healthy growth in EBITDA, higher other income and lower depreciation/interest expense boosted earnings. Management expects revenue to grow by 15% in FY26 with EBITDA margin of 18-20%.
Outlook
Expecting revenue/PAT to clock 17/25% CAGR over FY25-28, we maintain BUY rating on the stock with a 12-mth TP of Rs1,265 (from Rs1,161 earlier), valuing the stock at 30x FY27e/28e average EPS.
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