ICICI Direct's research report on Garware Technical Fibres
Garware Technical Fibres (GTFL) is one of India’s leading players in the technical textiles sector and a major supplier of aquaculture cage nets to the global salmon farming industry (40% market share). GTFL also has a dominant market position in providing solutions to domestic marine fisheries and a growing presence in sports nets and geosynthetics. The company has transitioned from being a provider of nets and ropes to Indian fisheries and shipping sector, respectively, to a value added solution provider to its clients across the globe with a presence in 75 countries with exports contributing ~ 63% of revenues.
Outlook
We maintain BUY rating on the stock. We value GTFL at Rs 4160 i.e. 34x FY24E EPS.
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