Buy NCL Industries; target of Rs 305: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on NCL Industries

NCL Industries has raised Rs 201.8 crore via qualified institutional placement by issuing 85 lakh shares at a price of Rs 237.5 per share. The proceeds of the issue will be primarily used for pre - payment of debt and acquisition of additional limestone mines. The current debt of the company is roughly at Rs 304.2 crore. The proceeds from the QIP will help the company reduce its debt significantly.

Outlook

We assign EV/EBITDA multiple of 6.5x for the boards division on FY19E EBITDA while the cement business is valued at EV/tonne of USD62 /t (far below replacement cost).  Based on the assumptions, we arrive at a target price of | 305 /share, representing an upside of 22 % from current levels.For all recommendations report, click here

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