ICICI Direct's research report on KPR Mill
KPR Mill is among select vertically integrated textile players in India (from yarn to garments) that has displayed consistent revenue growth and positive operating margin trajectory with strong return ratios. • It is one of India’s largest knitted garment manufacturer with total capacity of 157 million pieces (post expansion) • Over the years, it has consistently maintained ~18-20% margins with average RoCE of ~20% and D/E ratio of 0.4x.
We like KPR as a structural long term story to play the apparel export space. Maintain BUY recommendation on the stock. We value KPR at Rs 815 i.e. 28x FY24E EPS.
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